Danny Chang of Green Citi Management pays $4.1M for likely dev site in Woodside

Danny Chang of Green Citi Management through the entity 3902 Woodside LLC paid $4.1 million to Episcopal Diocese Of Long Island through the entity Trustees Of The Estate Belonging To The Diocese Of for the specialty building (M1) at 39-02 61st Street in Woodside, Queens. The expected use is ground up development.
The deal closed on September 12, 2024 and was recorded on September 25, 2024. The property has 6,250 square feet of built space and 9,960 square feet of additional air rights for a total buildable of 16,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $656 and the price per buildable square foot is $253 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 Episcopal Diocese Of Long Island was Larry Provenzano. The signatory for the buyer was Danny Chang. The contract date was June 4, 2024.
To finance the purchase, the buyer obtained a $2.05 million acquisition loan from Hirshmark Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Danny Chang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Episcopal Diocese of Long Island had not purchased any other properties and sold two properties in two transactions for a total of $3.2 million over the same time period.

The property

The specialty building in Woodside has 6,250 square feet of built space and 9,960 square feet of additional air rights for a total buildable of 16,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 120 feet deep with a total lot size of 12,000 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 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 Woodside, The bulk, or 27 percent of the 12.7 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $173.3 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 862,730 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 28 commercial properties representing 106,021 square feet of the 206,503 square feet. The largest owner is Alma Realty, followed by Apostolos Anagnostopoulos and then Ahmed Rabbat.
There are no active new building construction projects on this tax block.

The majority, or 31 percent of the 206,503 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.

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