Chuansheng Wang pays $4.8M to Xiao Ke Tang for retail condo in Maspeth
Chuansheng Wang through the entity New Avatar Property Holdings LLC paid $4.8 million to Xiao Ke Tang through the entity JJ Queens Development LLC for the retail condo unit at 46-02 70th Street in Maspeth, Queens. This is the base of a rental and retail building.
The deal closed on November 20, 2023 and was recorded on December 4, 2023. The property has 10,897 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $445 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 Xiao Ke Tang was Xiao Ke Tang. The signatory for Chuansheng Wang was Chuansheng Wang. The contract date was July 26, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Chuansheng Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Xiao Ke Tang purchased one properties in one transactions for a total of $3.2 million and had not sold any properties over the same time period.
The property
The retail condo in Maspeth has 10,897 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 10,897 square feet. The city-designated market value for the property in 2022 is $2.3 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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 1.9 times the average sales volume among other neighborhoods with $660.9 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 745,619 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
On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 471,597 square feet of the 471,597 square feet. The two identified owners are Madison Realty Capital and Lirr.
On the tax block, there were two new building construction projects totaling 849,330 square feet. The largest is a 183-unit, 424,665 square-foot residential (R-2) building submitted by Madison Realty Capital and filed by Allen Konstam with plans filed June 14, 2019 and permitted January 28, 2021. The second largest is a 295-unit, 424,665 square-foot residential (R-2) building submitted by Madison Realty Capital and filed by Allen Konstam with plans filed June 1, 2019 and permitted December 13, 2021.
The majority, or 100 percent of the 471,597 square feet of built space are elevator buildings, with specialty buildings next occupying 0 percent of the space.
The seller
The PincusCo database currently indicates that Xiao Ke Tang owned at least four commercial properties with 85 residential units in New York City with 126,792 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio has $59.8 million in debt, with top three lenders as New York Community Bank, Popular Bank, and Cathay Bank respectively. Within the portfolio, the bulk, or 71 percent of the 126,792 square feet of built space are D6 properties, with elevator properties next occupying 20 percent of the space. They are all located in Queens.
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