Greg Sun affiliate pays $4.8M for office in Long Island City
Greg Sun was the signatory for the entity 547 Management LLC that paid $4.8 million to Aegina Angeliades through the entity 547 Realty LLC for the office building (O5) at 5-47 47th Road in Long Island City, Queens. The expected use is cash flowing.
The deal closed on October 1, 2024 and was recorded on November 7, 2024. The property has 8,025 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $591 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 Aegina Angeliades was Aegina Angeliades. The signatory for Greg Sun was Greg Sun. The contract date was August 12, 2024. Greg Sun is an attorney.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Greg Sun had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Aegina Angeliades had not purchased any other properties and had not sold any properties over the same time period.
The property
The office building in Long Island City has 8,025 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-4/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. 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 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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 6th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 5.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 17 of the 25 commercial properties representing 92,379 square feet of the 131,600 square feet. The largest owner is John Boyle, followed by James Kim and then Michael Ho.
On the tax block, there were six new building construction projects totaling 28,879 square feet. The largest is a eight-unit, 7,364 square-foot residential (R-2) building submitted by Stephen Sloop with plans filed November 30, 2020 and permitted May 25, 2022. The second largest is a eight-unit, 7,364 square-foot residential (R-2) building submitted by Dated March 19, Stephen Sloop Trust with plans filed November 20, 2020 and it has not been permitted yet.
The majority, or 34 percent of the 131,600 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.
The buyer
The PincusCo database currently indicates that Greg Sun owned at least one commercial property in New York City with 7,300 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.
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