Alexandra Han pays $8M to Myong Cha Kim for property in Flushing

Alexandra Han through the entity One Corea Management LLC paid Myong Cha Kim’s James M Inc. $8.3 million for 192-14 Northern Boulevard in Flushing. The deal closed on September 20, 2019, and was recorded on October 2, 2019. The transaction consists of 1 parcel, including the tax class retail building with apartments above (K4). The property is 13,910 square feet. The parcel(s) have total development potential of 13,910 square feet.
The average sale price per square foot is $598.
The estimated cap rate is 2.4%
The last time the property sold was November 16, 2015, for $3,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 21, 2018.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $636,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $79,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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