Leo Li pays $2.1M for mixed-use in North Corona

Leo Li through the entity 37-16 103 Street LLC paid $2.1 million to John Safarian and Mark Safarian through the entity Safo Property Management, LLC for the four-unit mixed-use building (S9) at 37-16 103rd Street in North Corona, Queens.
The deal closed on July 11, 2023 and was recorded on July 28, 2023. The property has 6,198 square feet of built space and 501 square feet of additional air rights for a total buildable of 6,688 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $338 and the price per buildable square foot is $313 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 Safarian and Mark Safarian was John Safarian and Mark Safarian. The signatory for Leo Li was Leo Li. The contract date was March 8, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Leo Li purchased one property in one transaction for a total of $2.3 million and has no record it sold any properties over the past 24 months.
The seller John Safarian had not purchased any other properties and had not sold any properties over the same time period. The 6,198-square-foot property generated revenue of $113,052 or $18 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 4 residential units in North Corona has 6,198 square feet of built space and 501 square feet of additional air rights for a total buildable of 6,688 square feet according to a PincusCo analysis of city data. The parcel has frontage of 29 feet and is 114 feet deep with a total lot size of 3,344 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 $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $175 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 $1 million on this tax lot.

The neighborhood

In North Corona, The bulk, or 29 percent of the 5.3 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 26 percent of the space. In sales, North Corona has had very little sales volume relative to other neighborhoods with $166.8 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 307,514 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.

The block

On this tax block, PincusCo has identified the owners of seven of the 31 commercial properties representing 22,742 square feet of the 116,209 square feet. The largest owner is Zain Munassar, followed by Yun Yan Zheng and then Steve Kokolis.
On the tax block, there were four new building construction projects totaling 20,749 square feet. The largest is a four-unit, 5,257 square-foot residential (R-2) building submitted by Yun Zhong Sun with plans filed July 31, 2019 and it has not been permitted yet. The second largest is a four-unit, 5,188 square-foot residential (R-2) building submitted by David Chen with plans filed January 8, 2021 and it has not been permitted yet.

The majority, or 74 percent of the 116,209 square feet of built space are mixed-use buildings, with retail buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Leo Li owned at least one commercial property with four residential units in New York City with 3,180 square feet and a city-determined market value of $881,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

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