NuVerse Advisors paid $15M to individual owners of Rego Park parcel

NuVerse Advisors through the entity S3 Global Multi-Strategy Fund LLC paid Hui Chen, Hanjun Bai and Linlin Zhuo $15.2 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 97-29 64th Road in Rego Park. The deal closed on August 05, 2019 and was recorded on September 09, 2019. The parcel(s) have total development potential of 34,282 square feet.
The average sale price per square foot is $887.

The last time the property sold was October 05, 2018, for $7,250,000, when an an entity controlled by one of the sellers acquired this parcel and the neighboring 97-19 64th Road.Spruce Capital Partners’ S# Capital provided acquisition and construction financing at the time totaling $24 million. There has been no transfer filed for the parcel at 97-19 64th Road.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $300,000.There has been one new building permit application totaling 52,775 square feet. Those plans include a total of 35 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link