Mike Shehching Lee pays $8.6M for likely dev site in Murray Hill, Queens

Mike Shehching Lee through the entity 15002 Property LLC paid $8.6 million to Joseph Dayan and Paul Brener through the entity Northern Boulevard Joint Venture LLC for industrial building (GW) at 150-02 Northern Boulevard in Murray Hill, Queens.
The deal closed on August 16, 2022 and was recorded on August 25, 2022. The property 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 PincusCo analysis of city data. The sale price per built square foot is $1,098 and the price per buildable square foot is $234 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 Joseph Dayan and Paul Brener was Joseph Dayan and Paul Brener. The signatory for Mike Shehching Lee was Mike Shehching Lee
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Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Mike Shehching Lee had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Dayan had not purchased any other properties and had not sold any properties over the same time period. The 7,828-square-foot property generated revenue of $299,656 or $38 per square foot, according to the most recent income and expense figures.

The property

The 150-02 Northern Boulevard 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.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 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 the 31st highest sale turnover among other neighborhoods in Queens with $47.4 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 91,567 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 one of the 12 commercial properties representing 1,994 square feet of the 92,948 square feet. The identified owner is Chang Y. Han.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 92,948 square feet of built space are retail buildings, with mixed-use buildings next occupying 15 percent of the space.

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