Mike Lee plans 38-unit project at corner in Murray Hill, Queens

Mike Lee of 15002 Property LLC submitted a new building construction project for a 38-unit, 35,185-square-foot residential (R-2) building at 150-02 Northern Boulevard in Murray Hill, Queens, which is on the corner of 150th Street. The plan was filed with the New York City Department of Buildings on January 10, 2023 under job number Q08037315. It calls for the construction of a seven-story building. The project is described in the filing as: proposed seven-story with cellar new building for commercial and residential, mixed-use.

The property

The industrial building in Murray Hill (QN) has 7,828 square feet of built space and 28,876 square feet of additional air rights for a total buildable of 36,708 square feet according to a PincusCo analysis of city data. The property is owned by Mike Shehching Lee. The parcel has frontage of 179 feet and is 113 feet deep with a total lot size of 12,236 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 million.

Prior sales and revenue

This property was sold by Joseph Dayan and Paul Brener for $8.6 million to Mike Shehching Lee on August 16, 2022.

The 7,828-square-foot property generated revenue of $274,254 or $35 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Murray Hill (QN), The bulk, or 33 percent of the 4.8 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 near average sales volume among other neighborhoods with $77.9 million in sales volume in the last two years and is the 26th highest in Queens. For development, Murray Hill (QN) has near average amount of major developments among other neighborhoods and is the 39th highest in Queens. It had 82,566 square feet of commercial and multi-family construction under development in the last two years, which represents 2 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 9,822 square feet of the 92,948 square feet. The two identified owners are Chang Y. Han and Mike Shehching Lee. On the tax block, there was one new building construction project filed totaling 5,828 square feet. It is a 38-unit, 35,185 square-foot residential (R-2) building submitted by Mike Lee with plans filed January 10, 2023 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Mike Shehching Lee owned at least one commercial property in New York City with 7,828 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.

The surrounding

Within a 400-foot radius of 150-02 Northern Boulevard, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which John A. Golden borrowed $7.9 million from Flushing Bank secured by the 8,839-square-foot industrial (G7) on 149 Place and five other properties on May 11, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.