Lai Sim Zheng pays $3.6M for 7-unit newly built walkup in Corona

Lai Sim Zheng through the entity K & C Lisa LLC paid $3.6 million to John Po Sheng Hsu through the entity 111 Roosevelt Development LLC for the walkup at 108-46 Roosevelt Avenue in Corona, Queens, with seven apartments and one commercial space.
The deal closed on January 4, 2023 and was recorded on January 19, 2023. The property has 6,786 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $530 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 Lai Sim Zheng was Lai Sim Zheng.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Lai Sim Zheng 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 10 properties in nine transactions for a total of $31.9 million over the same time period.

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 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the 16 commercial properties representing 4,400 square feet of the 103,648 square feet. The identified owner is Mauro A. Arichavala.
On the tax block, there was one new building construction project filed totaling 34,100 square feet. It is a 33-unit, 34,100-square-foot R-2 building developed by John Po Sheng Hsu with plans filed August 29, 2019 and permitted February 20, 2020.

The majority, or 41 percent of the 103,648 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

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