Min Wu, Miaoling Lin pay $14.5M for industrial in Long Island City

Min Wu and Miaoling Lin through the entity Mm 21 Holding LLC paid $14.5 million to Eric Chait through the entity 43rd Avenue Enterprises Corp. for the industrial building (F9) at 43-10 21st Street in Long Island City, Queens. Argo Envelope company, which manufactures envelopes and other related paper products, has occupied the building since at least 1991. That 1991 lease deal was negotiated by the late Lawrence Chait.

This new sale closed on March 5, 2026 and was recorded on March 19, 2026. The property has 40,400 square feet of built space and 5,244 square feet of additional air rights for a total buildable of 45,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $358 and the price per buildable square foot is $317 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 Eric Chait was Eric Chait. The signatory for Min Wu and Miaoling Lin was Min Wu. The contract date was November 12, 2024. Eric Chait is the longtime owner of Argo Envelope, which currently occupies the location.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Min Wu purchased one property in one transaction for a total of $2.2 million and has no record it sold any properties over the past 24 months.
The seller Eric Chait had not purchased any other properties and had not sold any properties over the same time period. The 40,400-square-foot property generated revenue of $909,661 or $23 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 40,400 square feet of built space and 5,244 square feet of additional air rights for a total buildable of 45,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 95 feet and is 240 feet deep with a total lot size of 22,800 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $3.9 million.

Transaction Participants

Zhaotong Li at Zhaotong Li Esq. participated in the transaction on behalf of the buyer.

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 $150 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 27, 2019. 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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.6 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 8.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 55,985 square feet of the 120,826 square feet. The largest owner is George John Koursos, followed by National Acoustics and then Gabor Schnitzler.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 120,826 square feet of built space are industrial buildings, with mixed-use buildings next occupying 9 percent of the space.

The buyer

The PincusCo database currently indicates that Min Wu owned at least four commercial properties with 72 residential units in New York City with 76,604 square feet and a city-determined market value of $10.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 76,604 square feet of built space are walkup properties, with industrial properties next occupying 16 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Queens next at 24 percent of the space.

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