James Cui pays $4.6M for two mixed-use properties in North Corona

Jian “James” Cui through the entity 11113 Roosevelt Holding LLC paid $4.6 million to Ruben Molina and Carmen Molina through the entity 111 Roosevelt Avenue LLC for the three-unit mixed-use building at 111-01 Roosevelt Avenue in North Corona, Queens and the midblock mixed-use building at 111-03 Roosevelt Avenue in North Corona, Queens.
The deal closed on April 14, 2022 and was recorded on April 29, 2022.The two properties have 5,466 square feet of built space and 777 square feet of additional air rights for a total buildable of 6,240 square feet according to PincusCo analysis of city data. The sale price per built square foot is $841 and the price per buildable square foot is $737 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 Ruben Molina and Carmen Molina was Ruben Molina and Carmen Molina. The signatory for Jian “James” Cui was Jian “James” Cui.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 111-01 Roosevelt Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jian “James” Cui had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ruben Molina had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Rubin Molina, head officer and Carmen Molina, officer. The business entity is 111 Roosevelt Ave Llc. The two properties with a total of 5,466 square feet of built space generated revenue of $315,676 per year or $58 per square foot. The sale price per square foot was $842.

The property

The 111-01 Roosevelt Avenue parcel has frontage of 21 feet and is 80 feet deep with a total lot size of 1,680 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $944,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 $5 million on this tax lot.

The neighborhood

In North Corona, the majority, or 53 percent of the 12.7 million square feet of commercial built space are 1-4 family buildings, with mixed-use buildings next occupying 12 percent of the space. In sales, North Corona has the 33rd highest sale turnover among other neighborhoods in Queens with $26.3 million in sales volume in the last two years. For development, North Corona has had very little major development activity relative to other neighborhoods.It had 364,997 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 was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

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

The majority, or 73 percent of the 92,856 square feet of built space are mixed-use buildings, with 1-4 family buildings next occupying 25 percent of the space.

Surrounding

Within a 400-foot radius of 111-01 Roosevelt Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were two permit applications with a total initial cost of $891,590. The most recent of these two items was the filing on June 14, 2021 for a 5,659-square-foot R-3 building with four residential units at 111-07 Roosevelt Avenue.

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