Chong Ho Kim pays $3.9M for potential LIC dev site

Chong Ho Kim through the entity BRE NY LLC paid $3.9 million to Anthony Racioppo and John Racioppo through the entity Cousins LLC for the industrial building (E1) at 52-24 34th Street in Long Island City, Queens. DY Realty Group was marketing the property as a potential development site (setup pdf).
The deal closed on December 11, 2024 and was recorded on December 23, 2024. The property has 4,000 square feet of built space and 46,000 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $978 and the price per buildable square foot is $78 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 Anthony Racioppo and John Racioppo was Anthony Racioppo and John Racioppo. The signatory for Chong Ho Kim was Chong Ho Kim. The contract date was October 4, 2024. Anthony Racioppo is president and CEO of SDS Global Logistics, according to his LinkedIn.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chong Ho Kim had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Anthony Racioppo had not purchased any other properties and had not sold any properties over the same time period. The 4,000-square-foot property generated revenue of $154,866 or $39 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 4,000 square feet of built space and 46,000 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $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

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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 8th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 5.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 104,875 square feet of the 161,244 square feet. The identified owner is Hafeez Choudhary.
On the tax block, there were two new building construction projects totaling 183,116 square feet. The largest is a 200-unit, 101,410 square-foot hotel/dormitory/shelter (R-1) building submitted by Delwar Hussain with plans filed February 13, 2014 and permitted March 14, 2016. The second largest is a 282-unit, 81,706 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Sam Chang with plans filed November 14, 2018 and it has not been permitted yet.

The majority, or 65 percent of the 161,244 square feet of built space are hotel buildings, with industrial buildings next occupying 35 percent of the space.

Direct link to Acris document. link