Hang Dong Zhang, Jing An pay $10.7M for hotel in Astoria

Hang Dong Zhang and Jing An through the entity Gbv Steinway Realty LLC paid $10.7 million to Zengwen Ye through the entity Prince Club LLC for the hotel building (H3) at 24-40 Steinway Street in Astoria, Queens.
The deal closed on February 21, 2023 and was recorded on March 15, 2023. The property has 14,236 square feet of built space for a total buildable of 14,250 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $749 and the price per buildable square foot is $748 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 May 14, 2015, for $2.7 million.
The buyer signatory was Hang Dong Zhang, who has filed plans under the owner B Squared Realty.

The property

The parcel has frontage of 50 feet and is 95 feet deep with a total lot size of 4,750 square feet. The zoning is C4-2A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 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 $300 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 8, 2021. 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 Astoria, The bulk, or 36 percent of the 40.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 3.2 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.2 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 58 commercial properties representing 140,091 square feet of the 366,782 square feet. The largest owner is Mark N. Misk, followed by Angela Sportelli and then Elissavet Pliakas.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 346,994 square feet of built space are walkup buildings, with mixed-use buildings next occupying 32 percent of the space.

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