Johnny Chen pays $1.4M to Hour Children for residential walkup in Long Island City
Johnny Chen through the entity 3642 11th St Tower LLC paid $1.4 million to Hour Children through the entity Hour Children, Inc. for six-unit residential walkup building (C4) at 36-42 11th Street in Long Island City, Queens.
The deal closed on March 3, 2023 and was recorded on March 10, 2023. The property has 3,825 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $352 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 Hour Children was Alethea Taylor. The signatory for Johnny Chen was Johnny Chen.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Johnny Chen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hour Children had not purchased any other properties and sold one properties in one transactions for a total of $4.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sister Teresa Fitzgerald, head officer and Madeline Holmes, officer. The business entity is Hour Children Inc. The 3,825-square-foot property generated revenue of $75,391 or $20 per square foot, according to the most recent income and expense figures.
The property
The 36-42 11th Street parcel has frontage of 25 feet and is 85 feet deep with a total lot size of 2,148 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $746,000.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of one of the 12 commercial properties representing 3,300 square feet of the 55,388 square feet. The identified owner is Gaetana Iannino.
There are no active new building construction projects on this tax block.
The majority, or 83 percent of the 55,388 square feet of built space are industrial buildings, with walkup buildings next occupying 13 percent of the space.
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