Contract signed for 34-unit Sunset Park dev site that sold in 2017 for $5.5M

Wing Fung Chau signed two separate contracts to sell two Sunset Park retail properties to Xiao Qiang Li. The properties sold in 2017 for $5.5 million. The plans for the 34-unit building were filed in 2019.

In the first, Wing Fung Chau through the entity 5120 Realty Corp. as seller signed a memorandum of contract with Xiao Qiang Li through the entity Alando LLC as buyer for 1 parcel, including the tax class one-story store building (K1) at 5118 4th Avenue in Sunset Park. The memorandum was signed on January 27, 2021 and was recorded on February 3, 2021.
The property contains a total of 2,000 square feet of built space. The property has 18000 square feet of available development rights.
The last time the two properties sold was July 14, 2017 for $5,500,000. They have a $3.5 million loan given by Harold Wasserman’s BP3 Capital of Flushing.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link

In the second, Wing Fung Chau through the entity 5120 Realty Corp. as seller signed a memorandum of contract with Xiao Qiang Li through the entity Alando LLC as buyer for 1 parcel, including the tax class primarily one to six families with stores or offices (S9) and containing 2 residential units at 5124 4th Avenue in Sunset Park. The memorandum was signed on January 27, 2021 and was recorded on February 3, 2021.
The property contains a total of 2,643 square feet of built space. The property has 7425 square feet of available development rights.

There has been one new building permit application Those plans include a total of 34 residential units.

Direct link to Acris document. link