Manjit Kaur pays $6M for mixed-use in Murray Hill, Queens

Manjit Kaur through the entity 3601 164 LLC paid $6 million to Weisheng Guan through the entity Hua Hong Industrial (USA) LLC for the seven-unit mixed-use building (K4) at 36-01 164th Street in Murray Hill, Queens.
The deal closed on February 14, 2024 and was recorded on February 21, 2024. The property has 13,180 square feet of built space and 3,946 square feet of additional air rights for a total buildable of 17,188 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $455 and the price per buildable 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 January 15, 2013, for $4.8 million. The signatory for Weisheng Guan was Weisheng Guan. The signatory for Manjit Kaur was Manjit Kaur. The contract date was October 13, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Manjit Kaur had purchased any other properties and sold one property in one transaction for a total of $3.4 million over the past 24 months.
The seller Weisheng Guan 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 Jian Qiang Guan, head officer and Fang Quan He, agent. The business entities are B&T Realty and Hua Hong Industrial Usa Llc.

The property

The mixed-use building with 7 residential units in Murray Hill (QN) has 13,180 square feet of built space and 3,946 square feet of additional air rights for a total buildable of 17,188 square feet according to a PincusCo analysis of city data. The parcel has frontage of 106 feet and is 108 feet deep with a total lot size of 12,732 square feet. The lot is irregular. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2 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 12 housing violations and $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 $1 million on this tax lot.

The neighborhood

In Murray Hill, Queens, The bulk, or 32 percent of the 4.7 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space. In sales, Murray Hill (QN) has had very little sales volume relative to other neighborhoods with $81.3 million in sales volume in the last two years. For development, Murray Hill (QN) has had very little major development activity relative to other neighborhoods.It had 142,784 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 95,978 square feet of the 116,858 square feet. The two identified owners are S.W. Management and Candice Colucci.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 116,858 square feet of built space are elevator buildings, with mixed-use buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Manjit Kaur owned at least two commercial properties with 60 residential units in New York City with 54,196 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) The portfolio has $19.8 million in debt, with top three lenders as Greystone & Co., Northeast Community Bank, and NorthEast Community Bank respectively. Within the portfolio, all identified are elevator properties. They are all located in Bronx.

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