Queens developer Xi Zhao through the entity Hunter Square LLC paid Jan Chetnik $2.6 million for 42-64 Hunter Street in Long Island City. The deal closed on July 8, 2020, and was recorded on July 24, 2020. The transaction consists of 1 parcel, including the tax class two-family, miscellaneous (city type, old, etc.) (B9) and containing 2 residential units. The property is 1,500 square feet. The parcel(s) have total development potential of 9,723 square feet.
The average sale price per square foot is $262.
Zhao owns an adjacent property. He developed the building at 42-43 27th Street which is on a parcel that abuts his new acquisition in the interior of the block. On the 27th Street parcel, he built a seven-unit residential building that was completed in 2018. He has developed at least two other residential buildings in Queens. One, in Long Island City, was intended to be a condominium with 33 units but only closed three sales and in 2019 offered rescissions. The other, the 18-unit condo project Great Stone Tower, in Rego Park, was completed in 2016.
The contract for the 27th Street parcel was signed December 4, 2019. The seller provided a $1.5 million loan structured as a purchase money mortgage. The last time the property sold was June 27, 2014, for $1,196,815.