John Po Sheng Hsu sells three new construction buildings for $9.7M in Corona

Developer John Po Sheng Hsu sold three new construction buildings in Corona to three separate buyers for a total of $9.7 million.

In the first, Xiao Guo Huang through the entity Da Vinci 60 LLC paid $3.4 million to John Po Sheng Hsu through the entity 111 Roosevelt Development LLC for the seven-unit residential walkup building (C7) at 108-60 Roosevelt Avenue in Corona, Queens.
The deal closed on October 31, 2023 and was recorded on November 22, 2023. The property has 6,758 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $502 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 December 20, 2018, for $9.3 million. The signatory for John Po Sheng Hsu was John Po Sheng Hsu. The signatory for Xiao Guo Huang was Xiao Guo Huang. The contract date was November 21, 2022.

In the second, Xin Yun Bao through the entity An Wen Realty LLC paid $3.2 million to John Po Sheng Hsu through the entity 111 Roosevelt Development LLC for the seven-unit residential walkup building (C7) at 108-48 Roosevelt Avenue in Corona, Queens. The deal closed on October 31, 2023 and was recorded on November 22, 2023. The property has 6,786 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $473 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 John Po Sheng Hsu was John Po Sheng Hsu. The signatory for Xin Yun Bao was Xin Yun Bao. The contract date was September 21, 2022.

In the third, Xiao Jie Ye through the entity Ye On Roosevelt LLC paid $3.1 million to John Po Sheng Hsu through the entity 111 Roosevelt Development LLC for the seven-unit residential walkup building (C7) at 108-50 Roosevelt Avenue in Corona, Queens. The deal closed on October 31, 2023 and was recorded on November 22, 2023. The property has 6,786 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $453 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 John Po Sheng Hsu was John Po Sheng Hsu. The signatory for Xiao Jie Ye was Xiao Jie Ye. The contract date was September 22, 2023.

Prior sales and revenue

Prior to this transaction, the seller John Po Sheng Hsu had not purchased any other properties and sold 12 properties in 11 transactions for a total of $38.7 million over the past 24 months.

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 $230 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 14, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the 16 commercial properties representing 45,758 square feet of the 136,889 square feet. The largest owner is Su Zhen Weng, followed by Platinum Realty Associates and then Min Min Huang.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 136,889 square feet of built space are retail buildings, with walkup buildings next occupying 45 percent of the space.

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