Kevin S. Wang pays $10M to Jay Lau for commercial property in Long Island City

Kevin S. Wang through the entity Operr Plaza LLC paid Jay Lau’s 37-31 10th Street Realty Group LLC $10.2 million for 37-31 10th Street in Long Island City. The deal closed on October 16, 2019, and was recorded on November 1, 2019. The transaction consists of 1 parcel, including the tax class office building with commercial with one to six stories (O5). The property is 25,929 square feet. Wang borrowed $12.3 million from CV Holdings in a transaction recorded last month.
The average sale price per square foot is $393.
The estimated cap rate is 3.5%
The last time the property sold was May 3, 2018, for $6,900,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $495,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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