Eunice Kim, Jesse Kim pay $5.9M for retail in Murray Hill, Queens

Eunice Vivian Kim and Jesse Min Kim through the entity Cross Castle Realty LLC paid $5.9 million to Ching K. Chiang through the entity La Kenfa Inc. for the retail building (K4) at 164-01 Northern Boulevard in Murray Hill, Queens.
The deal closed on May 26, 2022 and was recorded on July 7, 2022. The property has 5,468 square feet of built space and 8,432 square feet of additional air rights for a total buildable of 13,882 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,079 and the price per buildable square foot is $425 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 July 20, 2015, for $4.5 million. The signatory for Ching K. Chiang was Ching K. Chiang. The signatory for Eunice Vivian Kim and Jesse Min Kim was Eunice Vivian Kim and Jesse Min Kim.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Eunice Vivian Kim had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ching K. Chiang had not purchased any other properties and had not sold any properties over the same time period. The 5,468-square-foot property generated revenue of $478,761 or $88 per square foot, according to the most recent income and expense figures.

The property

The 164-01 Northern Boulevard parcel has frontage of 106 feet and is 100 feet deep with a total lot size of 10,283 square feet. The lot is irregular. 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 $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 12, 2019. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Murray Hill, Queens, the bulk, or 28 percent of the 5.5 million square feet of commercial built space are mixed-use buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Murray Hill (QN) has the 30th highest sale turnover among other neighborhoods in Queens with $42.8 million in sales volume in the last two years. For development, Murray Hill (QN) has had very little major development activity relative to other neighborhoods.It had 113,542 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 28,413 square feet of built space are retail buildings, with mixed-use buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Jesse Min Kim owned at least one commercial property with 5,468 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Queens.
The PincusCo database currently indicates that Eunice Vivian Kim owned at least one commercial property with 5,468 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Queens.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 164-01 Northern Boulevard that occurred over the past 24 months.

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