Jay Lay files plans for 12-unit building in LIC

38-16 Crescent Street (Credit - Google)

38-16 Crescent Street (Credit - Google)

Jay Lay submitted a new building construction project for a 12-unit, 14,856 square-foot residential (R-2) building at 38-16 Crescent Street in Long Island City, Queens. The plan was filed with the New York City Department of Buildings on June 2, 2023 under job number Q00843770. It calls for the construction of a six-story building. The project is described in the filing as: propose new six-story with cellar, mixed-use building, obtain new certificate of occupancy. The architect is Archwey Architect PLLC.

Prior sales and revenue

This property was sold with another property by Myron Schulman|Martin Schuman for $2.7 million to Nelson Leong on June 1, 2022.

Violations and lawsuits

According to city public data, the property has received $3,125 in ECB penalties and $100 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Long Island City, the bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Long Island City is the 4th 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 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 91,258 square feet of the 137,584 square feet. The largest owner is George & Julie Realty Corp. and then Hersco Ortho Labs. On the tax block, there was one new building construction project filed totaling 14,856 square feet. It is a 12-unit, 14,856 square-foot residential (R-2) building submitted by Jay Lay with plans filed June 2, 2023 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Nelson Leong owned at least three commercial properties with three residential units in New York City with 7,310 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 7,310 square feet of built space are industrial properties, with C0 properties next occupying 32 percent of the space. They are all located in Queens.

The surrounding

Within a 400-foot radius of 38-16 Crescent Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, six were loans above $5 million totaling $577.9 million. The most recent of the six was Zehao Fang which borrowed $6.5 million from Amalgamated Bank secured by the 22,194-square-foot, 20-unit rental (D6) on 38-35 Crescent Street on March 3, 2023.

Direct link to the property’s ACRIS page and link to DOB NOW portal.

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