Jason Wang pays $4.5M to Jon Petursson for two properties in Long Island City

Jason Wang through the entity Jinlingqiao LLC paid $4.5 million to Jon Petursson through the entity Jondom, Inc. for the midblock office building at 12-15 Jackson Avenue in Long Island City, Queens and midblock development building on 47th Road in Long Island City, Queens.
The deal closed on March 14, 2022 and was recorded on April 21, 2022.

The two properties have 6,058 square feet of built space and 9,361 square feet of additional air rights for a total buildable of 15,425 square feet according to PincusCo analysis of city data. The sale price per built square foot is $742 and the price per buildable square foot is $291 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 Jon Petursson was Jon Petursson. The signatory for Jason Wang was Jason Wang. Jon Petursson is owner of Manhattan Display, located at the address of the building being sold, which sells food display containers and related products.

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 12-15 Jackson Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jason Wang purchased two properties in two transactions for a total of $7.2 million and has no record it sold any properties over the past 24 months.
The seller Jon Petursson had not purchased any other properties and had not sold any properties over the same time period.

The property

The 12-15 Jackson Avenue parcel has frontage of 25 feet and is 67 feet deep with a total lot size of 1,535 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $487,000.

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 Long Island City, the bulk, or 33 percent of the 66.2 million square feet of commercial built space are residential elevator buildings, with industrial buildings next occupying 30 percent of the space. In sales, Long Island City has 4.2 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 2nd most active neighborhood among other neighborhoods. It had 9.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On the tax block of 12-15 Jackson Avenue, PincusCo has identified the owners of two of the nine commercial properties representing 37,960 square feet of the 75,818 square feet. The two identified owners are Dimitrios Sidiropoulos and Consolidated Edison. There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 75,818 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that Jason Wang owned at least two commercial properties with 5,245 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 5,245 square feet of built space are industrial properties, with mixed-use properties next occupying 38 percent of the space. They are all located in Brooklyn.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 12-15 Jackson Avenue that occurred over the past 24 months.

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