B Square Realty pays $3.5M for portion of 56-unit LIC dev site
42-46 27th Street (Credit - Cyclomedia)
B Square Realty through the entity BS LIC Realty LLC paid $3.5 million for the two-unit building (B9) at 42-46 27th Street in Long Island City, Queens. The expected use is ground up development. This property is in the footprint of B Square Realty’s revised plans for a 56-unit development at 42-38 27th Street on the tax block.
The deal closed on December 24, 2024 and was recorded on January 3, 2025. The property has 1,976 square feet of built space and 10,525 square feet of additional air rights for a total buildable of 12,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,771 and the price per buildable square foot is $280 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 the seller, the estate of Jane Collyer, was Ramond Nathaniel Thomas. The signatory for B Square Realty was Hang Dong Zhang. The contract date was November 18, 2022. B Square Realty has been assembling parcels on this block for several years for the new building.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer B Square Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jane Collyer had not purchased any other properties and had not sold any properties over the same time period.
The property
The 1-4 family building with 2 residential units in Long Island City has 1,976 square feet of built space and 10,525 square feet of additional air rights for a total buildable of 12,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-5/R7-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.6 million.
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 not received any significant violations in the last year.
The block
On this tax block, PincusCo has identified the owners of 10 of the 12 commercial properties representing 34,786 square feet of the 34,786 square feet. The two identified owners are Royal Companies and Hang Dong Zhang.
On the tax block, there were five new building construction projects totaling 230,164 square feet. The largest is a 175-unit, 82,941 square-foot hotel/dormitory/shelter (R-1) building submitted by Mason Chen and filed by Chen Mason with plans filed January 17, 2019 and it has not been permitted yet. The second largest is a 121-unit, 82,941 square-foot hotel/dormitory/shelter (R-1) building submitted by Judy Chang with plans filed February 25, 2021 and it has not been permitted yet.
The majority, or 70 percent of the 34,786 square feet of built space are hotel buildings, with industrial buildings next occupying 16 percent of the space.
Direct link to Acris document. link