Kong Yong Chen pays $3.1M for industrial in College Point

Kong Yong Chen through the entity Bsk United, LLC paid $3.1 million to Filling Equipment Co. for the industrial building (F5) at 15-39 130th Street in College Point, Queens and a vacant lot (V1) at 131st Street in College Point, Queens. The expected use is cash flowing.
The deal closed on October 9, 2024 and was recorded on October 21, 2024. The two properties have 6,144 square feet of built space and 5,100 square feet of additional air rights for a total buildable of 11,275 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $504 and the price per buildable square foot is $274 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 Filling Equipment Co. was Gary E. Burke. The signatory for Kong Yong Chen was Kong Yong Chen. The contract date was July 17, 2024.

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 15-39 130th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kong Yong Chen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Filling Equipment Co. had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in College Point has 6,144 square feet of built space and 5,100 square feet of additional air rights for a total buildable of 11,275 square feet according to a PincusCo analysis of city data. The parcel has frontage of 54 feet and is 159 feet deep with a total lot size of 9,500 square feet. The lot is irregular. 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 $610,000.

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 College Point, The bulk, or 48 percent of the 10.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $209.2 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 604,629 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 15-39 130th Street, PincusCo has identified the owners of four of the eight commercial properties representing 42,254 square feet of the 51,272 square feet. The two identified owners are Mehra Properties and Jetro Cash & Carry Enterprises.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 51,272 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Kong Yong Chen owned at least one commercial property in New York City with 19,350 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $6.3 million in debt, borrowed from Flushing Bank. The portfolio consists of at least a single industrial property. It is located in Queens.

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