Changu Lee pays $3.8M for mixed-use in Murray Hill, Queens

Changu Lee and Kelcy Tae Lee through the entity Northern Plains LLC paid $3.8 million to the Si Uk Chan estate through the entity Jchons, LLC for the mixed-use building (K4) at 45-16 162nd Street in Murray Hill, Queens.
The deal closed on August 10, 2023 and was recorded on August 21, 2023. The property has 13,150 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $285 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 September 11, 2007, for $3.8 million. The signatory for the Si Uk Chan estate was Jacqueline Holmes. The signatory for Changu Lee and Kelcy Tae Lee was Changu Lee. The contract date was February 28, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Changu Lee had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Si Uk Chan estate had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Murray Hill (QN) has 13,150 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 5,999 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.2 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

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 Murray Hill (QN), The bulk, or 32 percent of the 4.7 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space. In sales, Murray Hill (QN) has the 25th highest sale turnover among other neighborhoods in Queens with $80 million in sales volume in the last two years. For development, Murray Hill (QN) has had very little major development activity relative to other neighborhoods.It had 107,241 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 24 commercial properties representing 6,315 square feet of the 107,146 square feet. The two identified owners are Ruiping Wang and Deborah Sarnik Foley.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 107,146 square feet of built space are mixed-use buildings, with industrial buildings next occupying 6 percent of the space.

Direct link to Acris document. link