Jonathan Ho Ng pays $2.2M for possible dev site in Murray Hill, Queens

Jonathan Ho Ng through the entity 168-07 Northern Blvd LLC paid $2.2 million to Mario Bottali for the mixed-use building (K4) at 168-07 Northern Boulevard in Murray Hill (QN), Queens, and two adjacent vacant parcels.
The deal closed on April 20, 2023 and was recorded on April 27, 2023. The three properties have 3,090 square feet of built space and 2,681 square feet of additional air rights for a total buildable of 5,529 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $711 and the price per buildable square foot is $397 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 Mario Bottali was Mario Bottali. The signatory for Jonathan Ho Ng was Jonathan Ho Ng.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 168-07 Northern Boulevard.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jonathan Ho Ng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mario Bottali had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Mario Bottali, individual owner. Out of the three properties, one with a total of 3,090 square feet of built space generated revenue of $122,632 per year.

The property

The mixed-use building in Murray Hill (QN) has 3,090 square feet of built space and 2,681 square feet of additional air rights for a total buildable of 5,529 square feet according to a PincusCo analysis of city data. The parcel has frontage of 63 feet and is 89 feet deep with a total lot size of 5,695 square feet. The lot is irregular. The zoning is R2A which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $724,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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 Murray Hill (QN), The bulk, or 32 percent of the 4.7 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space. In sales, Murray Hill (QN) has the 25th highest sale turnover among other neighborhoods in Queens with $81 million in sales volume in the last two years. For development, Murray Hill (QN) has had very little major development activity relative to other neighborhoods. It had 108,124 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 168-07 Northern Boulevard, PincusCo has identified the owners of one of the four commercial properties representing 3,090 square feet of the 3,090 square feet. The identified owner is Mario Bottali & Mary Bottali.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 3,090 square feet of built space are mixed-use buildings, with industrial buildings next occupying 0 percent of the space.

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