Mo Bun Yip pays $1.7M for 6-unit walkup in Murray Hill, Queens
156-06 43rd Avenue (Credit - Google)
Mo Bun Yip through the entity Bbgt Property LLC paid $1.7 million to Ken Lam through the entity Liberty 162 Holdings, LLC for six-unit residential walkup building (C2) at 156-06 43rd Avenue in Murray Hill, Queens.
The deal closed on August 16, 2022 and was recorded on August 29, 2022. The property has 5,280 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $315 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 November 9, 2018, for $3.9 million. The signatory for Ken Lam was Ken Lam. The signatory for Mo Bun Yip was Mo Bun Yip.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Mo Bun Yip had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ken Lam 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 Ken Lam, head officer and Jui Jung Lam, shareholder. The business entity is Liberty 162 Holdings Llc. The 5,280-square-foot property generated revenue of $104,069 or $20 per square foot, according to the most recent income and expense figures.
The property
The 156-06 43rd Avenue parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,700 square feet. The zoning is R4-1 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $936,000.
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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 block
On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 4,914 square feet of the 26,354 square feet. The identified owner is Kin Wong.
There are no active new building construction projects on this tax block.
The majority, or 79 percent of the 26,354 square feet of built space are walkup buildings, with retail buildings next occupying 21 percent of the space.
The seller
The PincusCo database currently indicates that Ken Lam owned at least one commercial property in New York City with 5,280 square feet and a city-determined market value of $936,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.
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