Bok Gil Choi pays $4.8M for retail in Sunnyside

Bok Gil Choi through the entity 4407 Sunny LLC paid $4.8 million to Victor Gallego through the entity Capira Realty LLC for the retail building (K1) at 44-07 43rd Avenue in Sunnyside, Queens.
The deal closed on November 26, 2024 and was recorded on December 4, 2024. The property has 8,000 square feet of built space and 24,000 square feet of additional air rights for a total buildable of 32,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $600 and the price per buildable square foot is $150 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 Victor Gallego was Victor Gallego. The signatory for Bok Gil Choi was Bok Gil Choi. The contract date was September 3, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bok Gil Choi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Victor Gallego had not purchased any other properties and had not sold any properties over the same time period. The 8,000-square-foot property generated revenue of $336,250 or $42 per square foot, according to the most recent income and expense figures.

The property

The retail building in Sunnyside has 8,000 square feet of built space and 24,000 square feet of additional air rights for a total buildable of 32,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 80 feet deep with a total lot size of 8,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 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 received $150 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Sunnyside, The bulk, or 32 percent of the 15.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $171.2 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 527,019 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 47,120 square feet of the 80,508 square feet. The largest owner is A&E Real Estate Holdings, followed by Harry Otterman and then Chris Paravalos.
On the tax block, there were two new building construction projects totaling 37,800 square feet. The largest is a 25-unit, 18,900 square-foot residential (R-2) building submitted by Juan Rodriguez and filed by Juan Rodriguez with plans filed August 6, 2018 and permitted December 23, 2019. The second largest is a 25-unit, 18,900 square-foot residential (R-2) building submitted by Juan Rodriguez with plans filed May 23, 2017 and it has not been permitted yet.

The majority, or 67 percent of the 80,508 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Victor Gallego owned at least one commercial property with 15 residential units in New York City with 14,030 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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