Hengjiang Mu pays $14M to Sam Chang for 45 unsold condo units in College Point

Hengjiang Mu through the entity Cpnyc88 LLC paid $14 million to Sam Chang of McSam Hotel Group through the entity Wv Marina Properties LLC for unsold condominium units at the Waterview Marina Condominiums at 14-34 110th Street in College Point, Queens.
The deal closed on October 23, 2023 and was recorded on November 9, 2023. The 45 units have 67,047 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $208 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 Sam Chang was Sam Chang. The signatory for Hengjiang Mu was Hengjiang Mu. The contract date was June 9, 2023. Hengjiang Mu is affiliated with All States Capital Group LLC.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hengjiang Mu had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The office condo in College Point has 67,047 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 12,225 square feet. The city-designated market value for the property in 2022 is $1.9 million. The most recent loan totaled $11.2 million and was provided by Sterling National Bank on July 1, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the 45 buildings received a initial certificate of occupancy in the last ten years. 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 College Point, The bulk, or 48 percent of the 10.7 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $220.1 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 101,945 square feet of commercial and multi-family construction under development in the last two years, which represents 0.95 percent of the neighborhood’s built space.

The block

On the tax block of 14-34 110th Street, PincusCo has identified the owners of one of the two commercial properties representing 2,574 square feet of the 17,574 square feet. The identified owner is New York Police Department.
There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 17,574 square feet of built space are industrial buildings, with specialty buildings next occupying 15 percent of the space.

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