Lian Ping Chen, Yinjie Cai pays $4.3M in Bayside

Lian Ping Chen and Yinjie Cai through the entity AIC Richland LLC paid $4.3 million to Jia Lin through the entity Bayside Re Group LLC for the retail building (K2) at 214-17 41st Avenue and the adjacent two-unit mixed-use building (S9) at 214-11 41st Avenue in Bayside, Queens. The expected use is cash flowing.
The deal closed on March 14, 2025 and was recorded on March 28, 2025. The two properties have 7,858 square feet of built space and 8,160 square feet of additional air rights for a total buildable of 16,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $553 and the price per buildable square foot is $271 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 Jia Lin was Jia Lin. The signatory for Lian Ping Chen and Yinjie Cai was Lian Ping Chen. The contract date was November 6, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lian Ping Chen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jia Lin had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 7,858 square feet of built space generated revenue of $231,496 per year or $29 per square foot. The sale price per square foot was $554.

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 received $7,130 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 Bayside, The bulk, or 42 percent of the 6.9 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Bayside has had very little sales volume relative to other neighborhoods with $75.3 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had -760,131 square feet of commercial and multi-family construction under development in the last two years, which represents -11.08 percent of the neighborhood’s built space.

The block

On the tax block of 214-11 41st Avenue, PincusCo has identified the owners of two of the 18 commercial properties representing zero square feet of the 47,306 square feet. The identified owner is Mark Boccia.
On the tax block, there were two new building construction projects totaling 23,939 square feet. The largest is a 15-unit, 19,384 square-foot residential (R-2) building submitted by Anthony Chiodi and filed by Anthony Chiodi with plans filed April 4, 2021 and permitted March 6, 2023. The second largest is a three-unit, 4,554 square-foot residential (R-2) building submitted by Anthony Chiodi with plans filed April 4, 2021 and permitted May 8, 2023.

The majority, or 67 percent of the 47,306 square feet of built space are mixed-use buildings, with retail buildings next occupying 17 percent of the space.

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