Jin Tan pays $3.8M for mixed-use in Astoria

Jin Tan through the entity 3071 29th Street LLC paid $3.8 million to the estate of Walter A. Besser through the entity Panabricks Corporation for the mixed-use building (S1) at 30-71 29th Street in Astoria, Queens.
The deal closed on June 7, 2024 and was recorded on July 2, 2024. The property has 3,940 square feet of built space and 10,152 square feet of additional air rights for a total buildable of 14,100 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $951 and the price per buildable square foot is $265 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 Walter A. Besser was Itka Besser. The signatory for Jin Tan was Jin Tan. The contract date was February 7, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jin Tan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Walter A. Besser had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Astoria has 3,940 square feet of built space and 10,152 square feet of additional air rights for a total buildable of 14,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 46 feet and is 100 feet deep with a total lot size of 4,700 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties 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.

The neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.2 times the average sales volume among other neighborhoods with $578.6 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has 2.7 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Queens. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 99,739 square feet of the 119,979 square feet. The largest owner is Urban American Management, followed by Nicholas Golfinopoulos and then Lydia Westdickenberg.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 119,979 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

The buyer

The PincusCo database currently indicates that Jin Tan owned at least two commercial properties in New York City with 1,944 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 1,944 square feet of built space are development properties, with G0 properties next occupying 0 percent of the space. They are all located in Queens.

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