Mi Kwang Ha, BongHo Ha pay $9M for Murray Hill, Queens, retail with same owners for at least 49 years

Mi Kwang Ha and BongHo Ha through the entity Sanford Group USA Corp paid $9 million to David Hochman through the entity 162 Crocheron LLC for the retail building (K1) at 162-05 Crocheron Avenue in Murray Hill, Queens. The expected use is cash flowing.
The deal closed on May 22, 2025 and was recorded on July 2, 2025. The property has 10,160 square feet of built space and 3,570 square feet of additional air rights for a total buildable of 13,770 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $885 and the price per buildable square foot is $653 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 signatory for David Hochman was David Hochman. The signatory for Mi Kwang Ha and BongHo Ha was Mi Kwang Ha. The contract date was March 17, 2025. Eleanor Hochman acquired the property on December 20, 1966. David Hochman is the executor for Eleanor’s estate.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mi Kwang Ha had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David Hochman had not purchased any other properties and had not sold any properties over the same time period. The 10,160-square-foot property generated revenue of $351,836 or $35 per square foot, according to the most recent income and expense figures.

The property

The retail building in Murray Hill has 10,160 square feet of built space and 3,570 square feet of additional air rights for a total buildable of 13,770 square feet according to a PincusCo analysis of city data. The parcel has frontage of 202 feet and is 100 feet deep with a total lot size of 10,200 square feet. 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 $2.5 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 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 $1 million on this tax lot.

The neighborhood

In Murray Hill (QN), 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 $83 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 129,490 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 one of the three commercial properties representing 17,595 square feet of the 31,457 square feet. The identified owner is Angelo Russo.
On the tax block, there were two new building construction projects totaling 3,299 square feet. The largest is a one-unit, 2,999 square-foot residential (R-3) building submitted by Shaolong Gao with plans filed February 23, 2022 and permitted October 13, 2022. The second largest is a one-unit, 300 square-foot utility and miscellaneous (U) building submitted by Shaolong Gao with plans filed June 11, 2022 and permitted October 13, 2022.

The majority, or 56 percent of the 31,457 square feet of built space are walkup buildings, with retail buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Bongho Ha owned at least four commercial properties with one residential unit in New York City with 18,318 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 18,318 square feet of built space are mixed-use properties, with office properties next occupying 35 percent of the space. They are all located in Queens.
The PincusCo database currently indicates that Mi Kwang Ha owned at least one commercial property in New York City with 5,200 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

Direct link to Acris document. link