Long Zhen Wei pays $1.6M for 6-unit walkup in East Elmhurst

Long Zhen Wei through the entity 1336 Bayridge Realty LLC paid $1.6 million to Themistokles P. Bournias through the entity Btp 32 Management LLC for six-unit residential walkup building (C2) at 100-09 32nd Avenue in East Elmhurst, Queens.
The deal closed on January 19, 2023 and was recorded on February 1, 2023. The property has 4,725 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $349 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 seller bought the property on March 30, 2009, for $700,000. The signatory for Themistokles P. Bournias was Themistokles P. Bournias. The signatory for Long Zhen Wei was Long Zhen Wei.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Long Zhen Wei had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Themistokles P. Bournias had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Themi Bournias, head officer. The business entity is Btp 32 Management Llc.

The property

The 100-09 32nd Avenue parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 square feet. The zoning is R4-1 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $606,000.

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 two commercial properties representing 4,725 square feet of the 4,725 square feet. The identified owner is Georgia Brattis.
There are no active new building construction projects on this tax block.

Direct link to Acris document. link