Ascent Development pays $5.2M for two buildings adjacent to 5-parcel LIC dev site
Ascent Development in two separate transactions paid $5.2 million for two properties that are adjacent to a five-lot development site in Long Island City where the firm has plans to build a 92-unit apartment building.
In the larger of the two transactions, Ascent Development through the entity Pearson Jv LLC paid Uriel Zichron and Arik Mor’s 45-34 Pearson Shlaf LLC $3.7 million for 45-34 Pearson Street in Long Island City. The deal closed on September 23, 2020, and was recorded on October 28, 2020. The transaction consists of 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1). The property is square feet. The parcel(s) have total development potential of 12,500 square feet.
The average sale price per square foot is $296. The signatory for the buyer or lender was Amit Veeramachaneni
This is adjacent to a 5-parcel merged zoning lot owned by Ascent. This tax lot has not yet been merged with the other lots either in Acris or noted in the DOB new development plans. Ascent filed a plan for a 92-unit building in February 2019. Those plans have been approved but not permitted. The contract date was May 22, 2020. The last time the property sold was February 12, 2015, for $3,500,000, when Zichron and Mor purchased the property, though at the time they were not identified in public records. Zichron and Mor later filed a lawsuit claiming a contractor improperly took out a loan secured by the property.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the second transaction, Ascent Development through the entity Pearson JV LLC paid Jinneng Bao and Jeneng Bao $1.5 million for 45-36 Pearson Street in Long Island City. The deal closed on September 23, 2020, and was recorded on October 28, 2020. The transaction consists of 1 parcel, including the tax class two-family, converted (from one family) (B3) and containing 2 residential units. The property is 792 square feet. The parcel(s) have total development potential of 6,255 square feet.
The average sale price per square foot is $240.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link