Changrong Li pays $5.6M to taxi medallion investor for garage in Woodside

Changrong Li through the entity Woodside Li Management LLC paid $5.6 million to taxi medallion investor Savas Konstantinides through the entity Eucalyptus Properties LLC for the garage building (G1) at 37-03 Woodside Avenue in Woodside, Queens. The expected use is cash flowing.
The deal closed on May 5, 2025 and was recorded on June 4, 2025. The property has 11,470 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $488 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 May 7, 2015, for $3.7 million. The signatory for Savas Konstantinides was Savas Konstantinides. The contract date was December 4, 2024. Savas Konstantinides has been a fleet owner as well as the owner of taxi medallion brokerage Omega Brokerage, and president of the taxi lending firm, Mega Funding, which also provided a $1 million property loan for this building in 2015. That loan was paid down with this sale. Traded NY reported on the sale but did not identify the buyer or seller.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Changrong Li had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Savas Konstantinides had not purchased any other properties and had not sold any properties over the same time period. The 11,470-square-foot property generated revenue of $207,836 or $18 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Woodside has 11,470 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 127 feet and is 154 feet deep with a total lot size of 11,477 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 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.

Development

For the tax lot building, it received its initial renovation certificate of occupancy on July 18, 2013. 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 Woodside, The bulk, or 27 percent of the 12.7 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $142.1 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 437,441 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

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 11,470 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Savas Konstantinides owned at least one commercial property with 12 residential units in New York City with 8,500 square feet and a city-determined market value of $1.2 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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