Hui Lin files $9.2M condo plan in Elmhurst with 17 units

Hui Lin submitted a condominium plan through the sponsor Splendid Realty LLC to create 17 residential units in a building at 93-09 Lamont Avenue in Elmhurst, Queens, called Splendid Tower Condominium that has a $9.2 million sellout, according to an April 18, 2023 submission to the New York State Attorney General.

This is a new construction development. Hui Lin of Splendid Realty LLC submitted a new building construction project for a 17-unit, 14,668 square-foot residential (R-2) building at 93-09 Lamont Avenue on November 30, 2018 under job number 421925607 and was permitted February 25, 2020. It calls for the construction of a seven-story building.

The property

The elevator building with 17 residential units in Elmhurst has 16,629 square feet of built space according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 49 feet and is 100 feet deep with a total lot size of 4,900 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential.

Prior sales and revenue

This property was sold for $980,000 on September 12, 2018.

Development

Hui Lin of Splendid Realty LLC submitted a new building construction project for a 17-unit, 14,668 square-foot residential (R-2) building at 93-09 Lamont Avenue. The plan was filed on November 30, 2018 and was permitted on October 19, 2021. It calls for the construction of a 69-foot tall, seven-story building and was filed with the New York City Department of Buildings under job number 421925607.

Violations and lawsuits

According to city public data, the property has received $620 in ECB penalties and $720 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Elmhurst, The bulk, or 40 percent of the 19.8 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has near average sales volume among other neighborhoods with $181.5 million in sales volume in the last two years and is the 9th highest in Queens. For development, Elmhurst has near average amount of major developments among other neighborhoods and is the 11th highest in Queens. It had 501,201 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 84,719 square feet of the 133,586 square feet. The two identified owners are Eli Davidovics and Pistilli Realty Group. On the tax block, there were three new building construction projects totaling 20,667 square feet. The largest is a 17-unit, 14,668 square-foot residential (R-2) building submitted by Hui Lin with plans filed November 30, 2018 and permitted February 25, 2020. The second largest is a eight-unit, 5,999 square-foot residential (R-2) building submitted by De Hua Xue with plans filed April 2, 2015 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 93-07 Lamont Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, two were loans above $5 million totaling $68.4 million. The most recent of the two was A&E Real Estate Holdings in which borrowed $59.4 million from Deutsche Bank secured by the 99,180-square-foot, 122-unit rental (D1) on 41-40 Denman Street on October 21, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.