Jian Wu Chen pays $67M for bankrupt Modell’s retail in Flushing

Jian Wu Chen through the entity J&C US LLC paid $67 million for the bankrupt Modell’s Sporting Goods property owned by the entity M&M Flushing LLC, which is a mixed-use building (K2) at 39-12 Main Street in Flushing, Queens.
The deal closed on October 20, 2021 and was recorded on November 9, 2021.
The property has 27,000 square feet of built space and 8,673 square feet of additional air rights for a total buildable of 35,721 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,481 and the price per buildable square foot is $1,875 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 seller bought the property on October 2, 2009, for $8.6 million.
The signatory for Modell’s Sporting Goods was Keyvan Ghaytanchi. The signatory for Jian Wu Chen was Jian Wu Chen.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $150,000. One of the projects were to change the building from a COM to a M and were permitted on March 3, 2021.
REW reported that this store was sold on behalf of Modell’s Sporting Goods which filed for bankruptcy. The buyer’s name was not reported at the time. The brokers were identified as Highcap Group’s Charles Chang, Christen Portelli and Josh Goldflam. The seller signatory was an executive at BEB Capital.

Within a 400-foot radius of 39-12 Main Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, three were for major renovation including a certificate of occupancy change. They were three permits with a total initial cost of $1.7 million. The most recent of these three items was the permit on October 15, 2021 for a 5,833-square-foot B building with no residential units at 135-27 Roosevelt Avenue.
One of those seven items was a sale which Yeuk Nam Poon-Yung, Guo Ping Yang, and Cindy Cheung bought the 3,840-square-foot, one-unit retail building (K1) on 135-07 Roosevelt Avenue for $12.0 million from Hong Ngoc Ly on December 18, 2019.
Of those seven items, three were loans above $5 million totaling $47.0 million. The most recent of the three was Xiao Chu Zhou which borrowed $12.0 million from CTBC Bank secured by the 8,700-square-foot, six-unit mixed-use building (K2) on 135-23 Roosevelt Avenue on May 20, 2021.

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