Ji Jiang Zheng-led entity pays $13.8M for condo building in Elmhurst

Ji Jiang Zheng through the entity BPX Pinnacle LLC paid $13.8 million to the Mavrides, Moyal, Packman & Sadkin registered entity 81-05 Prop Owner LLC for the 35 unsold residential and eight commercial condominium units at the property at 81-05 Queens Boulevard in Elmhurst, Queens.
The deal closed on October 22, 2024 and was recorded on November 12, 2024. The 43 units have 54,417 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $252 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 purchased was financed with a $10 million loan from Maxim Capital Group.
The signatory for Mavrides, Moyal, Packman & Sadkin registered was attorney Eric Sadkin. The signatory for Ji Jiang Zheng was Ji Jiang Zheng. The contract date was June 20, 2024. The seller entity bought the property at a chapter 7 bankruptcy auction for $15.2 million. Ji Jiang Zheng was a plaintiff in a court case over this real estate project, as an investor, 531388/2023, Kings County. This property was subject to two bankruptcies and a foreclosure court cases.

The property

The retail condo in Elmhurst has 54,417 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,370 square feet. The property has a 421A exemption that started in 2017 and expires in 2032. The city-designated market value for the property in 2022 is $1.2 million. The most recent loan totaled $11 million and was provided by 81-05 Queens Blvd Lender LLC on May 16, 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. 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 $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by DONGAN PLAZA INC to create 35 residential units and 7 commercial units in a building at 81-05 Queens Boulevard in Elmhurst, Queens, called Dongan Tower Condominium that has a $41.4 million sellout, according to an February 11, 2016 submission to the New York State Attorney General. The principal of the sponsor, DONGAN PLAZA INC, was Tu Kang Yang.

The neighborhood

In Elmhurst, The bulk, or 40 percent of the 19.8 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has had very little sales volume relative to other neighborhoods with $211.1 million in sales volume in the last two years. For development, Elmhurst has had very little major development activity relative to other neighborhoods.It had 564,648 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

On the tax block, there were four new building construction projects totaling 13,644 square feet. The largest is a three-unit, 4,871 square-foot residential (R-2) building submitted by Weiwei Huang with plans filed April 9, 2022 and permitted March 4, 2024. The second largest is a three-unit, 3,591 square-foot residential (R-2) building submitted by Weiwei Huang with plans filed April 9, 2022 and permitted March 7, 2024.

Direct link to Acris document. link