Dian Kui Su pays $4.9M for 9-unit walkup in North Corona

Dian Kui Su through the entity 538 Morgan Realty LLC paid $4.9 million to Hector Florimon through the entity Hbf Realty LLC for the nine-unit residential walkup building (C7) at 104-65 Roosevelt Avenue in North Corona, Queens.
The deal closed on September 15, 2023 and was recorded on September 26, 2023. The property has 9,062 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $540 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 seller bought the property on June 15, 2016, for $4.5 million. The signatory for Hector Florimon was Hector Florimon. The signatory for Dian Kui Su was Dian Kui Su. The contract date was May 24, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dian Kui Su had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hector Florimon had not purchased any other properties and sold one property in one transaction for a total of $2.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Hector Florimon, head officer and Victor Perez, site manager. The business entity is Hbf Realty Llc.

The property

The residential walkup building with 9 residential units in North Corona has 9,062 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 125 feet deep with a total lot size of 3,124 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421a exemption that started in 2009 and expires in 2034. The city-designated market value for the property in 2022 is $1.2 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 received three housing violations and $350 in OATH penalties 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 block

On this tax block, PincusCo has identified the owners of six of the 30 commercial properties representing 33,186 square feet of the 149,896 square feet. The largest owner is Motilall Balkaran, followed by Mario Gonzalez and then Fred Khalil.
On the tax block, there were three new building construction projects totaling 33,657 square feet. The largest is a 18,039 square-foot business (B) building submitted by Javier Valdes with plans filed March 22, 2018 and permitted December 10, 2018. The second largest is a eight-unit, 9,375 square-foot residential (R-2) building submitted by Franklin Torres with plans filed August 29, 2018 and it has not been permitted yet.

The majority, or 45 percent of the 149,896 square feet of built space are mixed-use buildings, with walkup buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Hector Florimon owned at least one commercial property with two residential units in New York City with 5,680 square feet and a city-determined market value of $713,000. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from Spruce Capital. The portfolio consists of at least a single mixed-use property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Dian Kui Su owned at least four commercial properties with eight residential units in New York City with 10,619 square feet and a city-determined market value of $5.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 37 percent of the 10,619 square feet of built space are A3 properties, with C0 properties next occupying 29 percent of the space. They are all located in Queens.

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