Chengxi Li pays $6.8M for mixed-use in Elmhurst

Chengxi Li through the entity Ny B&B Property LLC paid $6.8 million to Song Lin through the entity 83 Broadway Realty, LLC for the mixed-use building (K4) at 83-12 Broadway in Elmhurst, Queens.
The deal closed on July 21, 2023 and was recorded on July 31, 2023. The property has 4,445 square feet of built space and 21,576 square feet of additional air rights for a total buildable of 25,996 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,529 and the price per buildable square foot is $261 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 June 27, 2019, for $7 million. The signatory for Song Lin was Song Lin. The signatory for Chengxi Li was Chengxi Li. The contract date was May 23, 2023. Chengxi Li is the CEO of the owner entity while the individual with a similar name, Cheng Ming Li, is the owner of the building where the entity is registered 59-56 55th Drive.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chengxi Li had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Song Lin had not purchased any other properties and had not sold any properties over the same time period. The 4,445-square-foot property generated revenue of $198,425 or $45 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 1 residential units in Elmhurst has 4,445 square feet of built space and 21,576 square feet of additional air rights for a total buildable of 25,996 square feet according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 100 feet deep with a total lot size of 6,499 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 $1.1 million.

Violations and lawsuits

The property was involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $1.2 million judgment concerning a ownership filed on July 25, 2023, against Song Lin. In addition, according to city public data, the property has received two DOB violations and $600 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a 34-unit, 25,783 square-foot R-2 building. The project was submitted by Hongxiang Lin with plans filed October 24, 2018 and it has not been permitted yet.

The neighborhood

In Elmhurst, The bulk, or 40 percent of the 19.8 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has had very little sales volume relative to other neighborhoods with $205.3 million in sales volume in the last two years. For development, Elmhurst has had very little major development activity relative to other neighborhoods.It had 443,115 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 one of the 10 commercial properties representing 13,000 square feet of the 124,262 square feet. The identified owner is Xiaoping Fan.
On the tax block, there was one new building construction project filed totaling 25,783 square feet. It is a 34-unit, 25,783 square-foot residential (R-2) building submitted by Hongxiang Lin with plans filed October 24, 2018 and it has not been permitted yet.

The majority, or 55 percent of the 124,262 square feet of built space are elevator buildings, with mixed-use buildings next occupying 32 percent of the space.

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