Junehyung Kil pays $11.3M for two properties in Auberndale

Junehyung Kil through the entity Seodangmal Inc paid $11.3 million to Silvester C. Mazzilli and Frank Mazzilli through the entity Auburndale Properties, Inc. for retail building (K2) at 193-20 Northern Boulevard and the office building (O5) at 193-02 Northern Boulevard in Auberndale, Queens.
The deal closed on February 3, 2023 and was recorded on February 16, 2023. The two properties have 19,549 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $576 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 Silvester C. Mazzilli and Frank Mazzilli was Silvester C. Mazzilli and Frank Mazzilli. The signatory for Junehyung Kil was Junehyung Kil.

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 193-20 Northern Boulevard.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Junehyung Kil had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Silvester C. Mazzilli had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 19,549 square feet of built space generated revenue of $657,649 per year or $34 per square foot. The sale price per square foot was $577.

The property

The 193-20 Northern Boulevard parcel has frontage of 168 feet and is 100 feet deep with a total lot size of 12,000 square feet. The lot is irregular. The zoning is R3-2 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 $2.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $220 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 neighborhood

In Auberndale, the bulk, or 33 percent of the 1.8 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 18 percent of the space. In sales, Auberndale has the 52nd highest sale turnover among other neighborhoods in Queens with $7 million in sales volume in the last two years. For development, Auberndale has had very little major development activity relative to other neighborhoods.It had 31,455 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

There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 19,549 square feet of built space are retail buildings, with office buildings next occupying 30 percent of the space.

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