Luis Diaz pays $3.6M for mixed-use in Jackson Heights

Luis Diaz through the entity Portela Realty Corp. paid $3.6 million to Guang Di Gao through the entity Golden Bright Realty LLC for the midblock five-unit mixed-use building at 35-50 92nd Street in Jackson Heights, Queens.
The deal closed on April 7, 2022 and was recorded on April 15, 2022.

The property has 8,720 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $418 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 May 23, 2007, for $1.5 million. The signatory for Guang Di Gao was Guang Di Gao. The signatory for Luis Diaz was Luis Diaz.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Luis Diaz had purchased any other properties and sold one property in one transaction for a total of $2.3 million over the past 24 months.
The seller Guang Di Gao had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Guang Di Gao, head officer and Yan Chen, officer. The business entity is Golden Bright Realty, Llc.

The property

The 35-50 92nd Street parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 3,280 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2009 and expires in 2034. The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $100 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 $5 million on this tax lot.

The neighborhood

In Jackson Heights, the bulk, or 41 percent of the 41.7 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 33 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $199.6 million in sales volume in the last two years. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 435,140 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 6,000 square feet of the 41,215 square feet. The identified owner is Nourafshan Nouriyelian. There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 139,062 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 19 percent of the space.

Surrounding

Within a 400-foot radius of 35-50 92nd Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Edward Ostad borrowed $9.3 million from New York Community Bank secured by the 37,815-square-foot, 50-unit rental (C7) on 35-61 92nd Street on November 6, 2020.

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