Anrou Chen, Jinke Wang pays $3.3M for 7-unit walkup in Corona
Anrou Chen and Jinke Wang through the entity W & C Plaza LLC paid $3.3 million to John Po Sheng Hsu through the entity 111 Roosevelt Development LLC for the seven-unit residential walkup building (C7) at 108-42 Roosevelt Avenue in Corona, Queens.
The deal closed on November 3, 2023 and was recorded on November 30, 2023. The property has 6,786 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $485 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 signatory for John Po Sheng Hsu was John Po Sheng Hsu. The signatory for Anrou Chen and Jinke Wang was Anrou Chen. The contract date was September 22, 2022.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Anrou Chen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John Po Sheng Hsu had not purchased any other properties and sold 17 properties in 16 transactions for a total of $55.2 million over the same time period.
The property
The residential walkup building with 7 residential units in Corona has 6,786 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,777 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $415,000.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $200 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on December 12, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of 10 of the 16 commercial properties representing 79,683 square feet of the 136,889 square feet. The largest owner is Ying Chen, followed by Xin Yun Bao and then Xiao Jie Ye.
There are no active new building construction projects on this tax block.
The majority, or 46 percent of the 136,889 square feet of built space are retail buildings, with walkup buildings next occupying 45 percent of the space.
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