Ling Jieng Zheng pays $5.7M for foreclosed industrial building in Elmhurst
Ling Jieng Zheng through the entity J & F Group NY LLC paid $5.7 million for the industrial building (G2) at 79-38 Woodside Avenue in Elmhurst, Queens. The prior owners were Shanglin C.H. Chou and Kong Shun Wang, but they lost the property in this foreclosure case filed in Queens County, 720268/2021.
The deal closed on May 23, 2023 and was recorded on June 13, 2023. The property has 4,360 square feet of built space and 26,068 square feet of additional air rights for a total buildable of 30,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,295 and the price per buildable square foot is $185 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 foreclosed seller bought the property on June 23, 2008, for $2.9 million. The signatory for Shanglin C.H. Chou and Kong Shun Wang was Joseph Trotti. The signatory for Ling Jieng Zheng was Ling Jieng Zheng.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Ling Jieng Zheng had purchased any other properties and has no record it sold any properties over the past 24 months.
The 4,360-square-foot property generated revenue of $169,124 or $39 per square foot, according to the most recent income and expense figures.
The property
The industrial building in Elmhurst has 4,360 square feet of built space and 26,068 square feet of additional air rights for a total buildable of 30,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 117 feet and is 71 feet deep with a total lot size of 7,600 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $939,000.
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 Elmhurst, The bulk, or 40 percent of the 19.8 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has had very little sales volume relative to other neighborhoods with $178.4 million in sales volume in the last two years. For development, Elmhurst has had very little major development activity relative to other neighborhoods.It had 444,597 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 200,500 square feet of the 347,145 square feet. The two identified owners are Werber Management and LeFrak.
There are no active new building construction projects on this tax block.
The majority, or 82 percent of the 347,145 square feet of built space are elevator buildings, with walkup buildings next occupying 17 percent of the space.
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