California-based J&C International buys 61-unit bankrupt Flushing development

J&C International Group paid $38.1 million in two transactions for a 61-unit bankrupt project in Flushing.

In the first, J&C through the entity 41 Haight Street Townhouse Owner, LLC paid Bankrupt entity 41-23 Haight Realty LLC , formerly owned by Bo Jin Zhu (45%), Hok Kwai Chau (45%) Chun Yin Chen (10%) $18.6 million for 41-27 Haight Street, 41-25 Haight Street, 41-23 Haight Street, 41-21 Haight Street, 41-19 Haight Street, and others in Flushing. The deal closed on September 14, 2020, and was recorded on October 6, 2020. The transaction consists of 10 parcels, including the tax class primarily four family with store or office (S4) and containing 40 residential units. The parcel(s) have total development potential of 53,541 square feet.
The sale price per unit is $465,000.

The total purchase price was $38.1 million for the 12 tax lots. John Jun Xu’s J&C International Group, based in City of Industry, Calif., was the buyer.

The entity 41-23 Haight Realty LLC , formerly owned by Bo Jin Zhu (45%), Hok Kwai Chau (45%) Chun Yin Chen (10%), filed for bankruptcy protection in Brooklyn June 4, 2019. Bo Jin Zhu filed plans in 2011, which became a project to build 11 buildings with a total of 61 residential units on the block from 41-09 to 41-31 Haight Street. Maverick Real Estate Partners acquired the debt in 2018. Maltz Auctions was offering the properties for sale.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was John Jun Xu
J&C International Group pays $10M to Bankrupt entity 41-23 Haight Realty LLC , formerly owned by Bo Jin Zhu (45%), Hok Kwai Chau (45%) Chun Yin Chen (10%) for property in Flushing{

J&C International Group through the entity 41 Haight Street Owner, LLC paid Bankrupt entity 41-23 Haight Realty LLC , formerly owned by Bo Jin Zhu (45%), Hok Kwai Chau (45%) Chun Yin Chen (10%)’s Gregory Messer, Esq., As Chapter 11 Trustee $9.5 million for 41-31 Haight Street in Flushing. The deal closed on September 14, 2020, and was recorded on October 6, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 21 residential units. The property is 23,700 square feet. The parcel(s) have total development potential of 23,700 square feet.
The sale price per unit is $452,381.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was John Jun Xu