Aidi Xu pays $11.2M for 20-unit rental in Long Island City
32-04 38th Avenue (Credit - Google)
Aidi Xu through the entity Jae Four Real Estate Investment LLC paid $11.2 million to Arun Agarwal and Rachita Agarwal through the entity Ayg Enterprises LLC for the 20-unit residential elevator building (D6) at 32-04 38th Avenue in Long Island City, Queens.
The deal closed on July 12, 2022 and was recorded on July 25, 2022.The property has 22,549 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $498 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on February 11, 2013, for $1.8 million. The signatory for Arun Agarwal and Rachita Agarwal was Rachita Agarwal. The signatory for Aidi Xu was Aidi Xu. Aidi Xu filed to expand a Midtown building in May 2022.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Aidi Xu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Arun Agarwal had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ranjana Agarwal, head officer and Abdullah Fersen, officer. The business entities are Choice Ny Management and Ayg Enterprises Llc. The 22,549-square-foot property generated revenue of $673,767 or $30 per square foot, according to the most recent income and expense figures.
The property
The 32-04 38th Avenue parcel has frontage of 49 feet and is 100 feet deep with a total lot size of 4,685 square feet. The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2020.0 and expires in 2035.0. The city-designated market value for the property in 2022 is $3.3 million.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on May 11, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
There are no active new building construction projects on this tax block.
The majority, or 47 percent of the 85,109 square feet of built space are industrial buildings, with elevator buildings next occupying 26 percent of the space.
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