Hyok Jun Kwon pays $3.4M for mixed-use in Murray Hill, Queens

Hyok Jun Kwon through the entity Eagle KW Corporation paid $3.4 million to Kyoung S. No through the entity Cysk Estate Inc. for the five-unit mixed-use building (S9) at 41-12 162nd Street in Murray Hill, Queens.
The deal closed on June 20, 2024 and was recorded on July 2, 2024. The property has 7,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $472 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 January 9, 2015, for $3 million. The signatory for Kyoung S. No was Kyoung S. No. The signatory for Hyok Jun Kwon was Hyok Jun Kwon. The contract date was October 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hyok Jun Kwon had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kyoung S. No had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 5 residential units in Murray Hill, Queens, has 7,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $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 Murray Hill, Queens, the bulk, or 32 percent of the 4.7 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space. In sales, Murray Hill (QN) has had very little sales volume relative to other neighborhoods with $86.2 million in sales volume in the last two years. For development, Murray Hill (QN) has had very little major development activity relative to other neighborhoods.It had 123,018 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.

The block

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

The majority, or 63 percent of the 29,090 square feet of built space are mixed-use buildings, with retail buildings next occupying 37 percent of the space.

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