Maninder Singh pays $9.6M to Jianfei Chen for hotel in Flushing

Maninder Singh through the entity P.R.M. Unlimited LLC paid $9.6 million to Jianfei Chen through the entity 3108 Linden Hotel Inc. for the Grandview Hotel building (H9) at 3108 Linden Place in Flushing, Queens.
The deal closed on March 13, 2024 and was recorded on March 25, 2024. The property has 14,284 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $672 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 January 15, 2013, for $3.2 million. The signatory for Jianfei Chen was attorney Albert T. Tai. The signatory for Maninder Singh was Maninder Singh. The contract date was July 12, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Maninder Singh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jianfei Chen had not purchased any other properties and sold one property in one transaction for a total of $81.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Katie Chen, head officer and Serena Kao, agent. The business entity is Grandview Hotel New York.

The property

The hotel building in Flushing has 14,284 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 125 feet deep with a total lot size of 9,374 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $3.7 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 $375 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on June 8, 2016. 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 Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 3.4 times the average sales volume among other neighborhoods with $973.2 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 2.3 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.2 million 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 two of the 12 commercial properties representing 22,096 square feet of the 77,310 square feet. The two identified owners are Xiaojun Pan and Consolidated Edison.
On the tax block, there was one new building construction project filed totaling 6,200 square feet. It is a 6,200 square-foot 59 building submitted by Shun Liu and filed by Shun Liu with plans filed April 28, 2023 and it has not been permitted yet.

The majority, or 45 percent of the 77,310 square feet of built space are industrial buildings, with hotel buildings next occupying 38 percent of the space.

The seller

The PincusCo database currently indicates that Jianfei Chen owned at least three commercial properties with 51 residential units in New York City with 49,264 square feet and a city-determined market value of $9.9 million. (Market value is typically about 50% of actual value.) The portfolio has $41.3 million in debt, borrowed from W Financial and Arbor Realty Trust. Within the portfolio, the bulk, or 100 percent of the 49,264 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Queens.

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