Jun Keng Cheung pays $3.4M to John Po Sheng Hsu for mixed-use in North Corona

Jun Keng Cheung through the entity Chuang Ye Mansion LLC paid $3.4 million to John Po Sheng Hsu through the entity 111 Roosevelt Development LLC for the six-unit mixed-use building (S5) at 108-53 Roosevelt Avenue in North Corona, Queens.
The deal closed on August 1, 2022 and was recorded on August 16, 2022. The property has 6,120 square feet of built space and 3,452 square feet of additional air rights for a total buildable of 9,590 square feet according to PincusCo analysis of city data. The sale price per built square foot is $548 and the price per buildable square foot is $349 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 Jun Keng Cheung was Robert Cheung. This is a new development mixed-use building that is part of connected properties sold to individual investors and owners, generally for about $3.1 million each.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Jun Keng Cheung had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John Po Sheng Hsu had not purchased any other properties and sold six properties in five transactions for a total of $18.7 million over the same time period.

The property

The 108-53 Roosevelt Avenue parcel has frontage of 38 feet and is 125 feet deep with a total lot size of 4,795 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $738,000.

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 $800 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 2, 2021. On these lots, there is one active new building construction project for a six-unit, 5,622-square-foot R-2 building. The project was developed by John Po Sheng Hsu with plans filed March 15, 2019.

The neighborhood

In North Corona, the bulk, or 32 percent of the 4.9 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 29 percent of the space. In sales, North Corona has had very little sales volume relative to other neighborhoods with $84.6 million in sales volume in the last two years. For development, North Corona has had very little major development activity relative to other neighborhoods.It had 125,976 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were three 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 three of the 26 commercial properties representing 16,500 square feet of the 160,416 square feet. The largest owner is Sinchi Wilson, followed by Elia Aguilar and then Yi Yong Li.
There is one active new building construction project for a 6,230-square-foot office (B) building developed by Rajesh Patel with plans filed April 11, 2017 and permitted May 21, 2021.

The majority, or 62 percent of the 160,416 square feet of built space are mixed-use buildings, with walkup buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Robert Cheung owned at least one commercial property in New York City with 29,250 square feet and a city-determined market value of $6 million. (Market value is typically about 50% of actual value.) The portfolio has $11.2 million in debt, borrowed from Arbor Realty Trust. The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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