Hyung Joon Kwon pays $7.1M for retail in Bayside

Hyung Joon Kwon of Jericho, Long Island, through the entity GL Bell Associates, LLC paid $7.1 million to Demetrios Tassopoulos and Leonidas Papalas through the entity 47 Bell Associates LLC for the retail building (K1) at 47-48 Bell Boulevard in Bayside, Queens. The expected use is cash flowing.
The deal closed on February 27, 2025 and was recorded on April 11, 2025. The property has 11,100 square feet of built space and 4,008 square feet of additional air rights for a total buildable of 15,030 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $639 and the price per buildable 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 signatory for Demetrios Tassopoulos and Leonidas Papalas was Demetrios Tassopoulos and Leonidas Papalas. The contract date was January 4, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hyung Joon Kwon had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Demetrios Tassopoulos had not purchased any other properties and had not sold any properties over the same time period. The 11,100-square-foot property generated revenue of $502,173 or $45 per square foot, according to the most recent income and expense figures.

The property

The retail building in Bayside has 11,100 square feet of built space and 4,008 square feet of additional air rights for a total buildable of 15,030 square feet according to a PincusCo analysis of city data. The parcel has frontage of 148 feet and is 113 feet deep with a total lot size of 16,700 square feet. The lot is irregular. The zoning is R4B which allows for up to 0.9 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.5 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 $1,200 in OATH penalties 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 Bayside, The bulk, or 42 percent of the 6.9 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Bayside has had very little sales volume relative to other neighborhoods with $87.6 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had -740,911 square feet of commercial and multi-family construction under development in the last two years, which represents -10.80 percent of the neighborhood’s built space.

The block

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

The majority, or 77 percent of the 36,819 square feet of built space are retail buildings, with mixed-use buildings next occupying 23 percent of the space.

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