Arkview pays $4.5M for Flushing garage, Xiao Jun Chen pays $2.4M for LIC commercial, in related bankruptcy auctions

Arkview Capital, an investment firm with holdings including Icon Parking, through the entity C2jm Holdings LLC paid $4.5 million for a bankrupt Flushing, Queens, parking garage condominium unit at 37-20 Prince Street at an auction held December 7, 2023 at the Midtown offices of the debtor, an affiliate of the Washington, D.C.-based Invictus Capital Partners.
On the same day, Xiao Jun Chen through the entity 3731 10th Street Realty LLC won the bidding for a Long Island City, Queens, commercial building at 37-31 10th Street, that was held just after the garage auction. That property was also owned by Invictus.

Invictus acquired control of the properties through a UCC auction, and then filed to place the two assets into bankruptcy in order to effectuate a sale.

Investor Kevin Wang purchased the parking garage in 2015 for $6.75 million and bought the commercial building in October 2019 for $10.2 million. Also in October 2019, Kevin Wang obtained a $12.3 million loan from CV Funding, through the entity CVCF Fund Funding I-NEB, LLC. That loan fell into default and the lender filed to foreclose in December 2021, 727299/2021.

The parking garage deal closed on February 20, 2024 and was recorded on March 5, 2024. The property has 16,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $290 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 September 21, 2015, for $6.8 million. The signatory for Kevin S. Wang was Nat Wasserstein. The contract date was December 15, 2023.
Direct link to Acris document. link

The 37-31 10th Street deal closed on February 20, 2024 and was recorded on February 27, 2024. The property has 29,794 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $86 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 October 16, 2019, for $10.2 million. The contract date was December 15, 2023.

Prior to this transaction, PincusCo has no record that the buyer Xiao Jun Chen had purchased any other properties and sold one property in one transaction for a total of $4.3 million over the past 24 months.

Direct link to Acris document. link

A team led by Daniel Kaplan of CBRE led the bankruptcy sale process, court records show.

According to the bankruptcy records, there were two bidders for the garage, the lender and Arkview Capital. “After ten rounds of bidding, Arkview prevailed with the highest and best bid for the Clean Air 2 Assets of $4,500,000… The Lender’s final offer for the Clean Air 2 Assets as stated on the record at the Auction was a credit bid of $4,400,000,” the records said.

The auction for the Long Island City commercial building included three bidders, Xiao Jun Chen, Betsy Mak and the lender, an affiliate of CV Holdings. According to the documents, “After fifteen rounds of bidding, Mr. Chen… prevailed with the highest and best bid for the Operr Plaza Assets of $2,500,000… Ms. Mak’s final offer for the Operr Plaza Assets as stated on the record at the Auction was $2,400,000, and the Operr Plaza Debtor declared Ms. Mak… the Back-Up Bidder at that offer amount. The Lender’s final offer for the Assets as stated on the record at the Auction was a credit bid of $1,600,000.00, and the Operr Plaza Debtor declared the Lender (which includes an entity to be formed by the Lender) the second Back-Up Bidder at that offer amount.