Jingwen Ji through the entity Ccj Capital LLC paid $2.7 million to Michael Gerasimou through the entity 906 27 Ave LLC for the two-unit 1-4 family building (B2) at 9-06 27th Avenue in Astoria, Queens. The sale price per foot implies this is a development site deal, according to a PincusCo analysis.
The deal closed on October 13, 2023 and was recorded on November 1, 2023. The property has 2,300 square feet of built space and 16,560 square feet of additional air rights for a total buildable of 18,893 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,173 and the price per buildable square foot is $142 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 March 19, 2020, for $1.7 million. The signatory for Michael Gerasimou was Michael Gerasimou. The signatory for Jingwen Ji was Wei Chen. The contract date was August 15, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Jingwen Ji had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Gerasimou had not purchased any other properties and had not sold any properties over the same time period.
The 1-4 family building with 2 residential units in Astoria has 2,300 square feet of built space and 16,560 square feet of additional air rights for a total buildable of 18,893 square feet according to a PincusCo analysis of city data. The parcel has frontage of 48 feet and is 162 feet deep with a total lot size of 7,775 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 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 $200 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
There are no active new building construction projects on this tax block.
The majority, or 100 percent of the 167,310 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.
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