Hui Mei Lin pays $4.3M for retail in Glendale

Hui Mei Lin through the entity L & M 88 Realty LLC paid $4.3 million to Peter N. Katz of K9 Pet Caterers through the entity K-9 II Real Estate LLC for the retail building (K1) at 88-81 76th Avenue in Glendale, Queens.
The deal closed on June 21, 2024 and was recorded on July 12, 2024. The property has 8,614 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $503 per the PincusCo analysis.
The seller bought the property on April 28, 2011, for $696,000. The signatory for Peter N. Katz was Peter N. Katz. The signatory for Hui Mei Lin was Hui Mei Lin. The contract date was March 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hui Mei Lin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter N. Katz had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Glendale has 4,345 square feet of built space and 4,307 square feet of additional air rights for a total buildable of 8,614 square feet according to a PincusCo analysis of city data. The parcel has frontage of 114 feet and is 102 feet deep with a total lot size of 8,614 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $977,000.

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

For the tax lot building, it received its initial certificate of occupancy on February 24, 2014. 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 Glendale, The bulk, or 36 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 27 percent of the space. In sales, Glendale has the 29th highest sale turnover among other neighborhoods in Queens with $42.3 million in sales volume in the last two years. For development, Glendale has had very little major development activity relative to other neighborhoods.It had 49,604 square feet of commercial and multi-family construction under development in the last two years, which represents 0.79 percent of the neighborhood’s built space.

The block

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

The majority, or 90 percent of the 74,623 square feet of built space are industrial buildings, with retail buildings next occupying 6 percent of the space.

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