Parkview Properties pays $18.8M for 51-unit rental in Jamaica

Parkview Properties through the entity Jamaica 8856 LLC paid $18.8 million to Jianfei Chen and Tao Shen through the entity 89th Ave Project LLC for the 51-unit residential elevator building (D1) at 88-56 162nd Street in Jamaica, Queens. The expected use is cash flowing.
The deal closed on November 13, 2024 and was recorded on November 20, 2024. The property has 49,264 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $381 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 July 12, 2017, for $4.3 million. The signatory for Jianfei Chen and Tao Shen was Albert Tai. The signatory for Parkview Properties was Steven Kordvani. The contract date was May 24, 2024. Albert Tai is an attorney, not a party.
The buyer assumed a $14.3 million loan from Fannie Mae.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Parkview Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jianfei Chen purchased six properties in one transaction for a total of $3 million and sold two properties in two transactions for a total of $91.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jianfei Chen, head officer and Coulibaly Tiemoko, site manager. The business entity is 89th Ave Project Llc.

The property

The residential elevator building with 51 residential units in Jamaica has 49,264 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 95 feet and is 104 feet deep with a total lot size of 9,970 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $7.8 million. The most recent loan totaled $14.3 million and was provided by Arbor Realty Trust on November 23, 2021. The property has 50 rent regulated units according to city tax records from 2023.

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 two DOB violations, 43 housing violations, and $3,230 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 21, 2021. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 108,416 square feet of the 111,156 square feet. The largest owner is Jianfei Chen, followed by Transitional Services For New York and then Mural Real Estate Partners.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 111,156 square feet of built space are elevator buildings, with specialty buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Jianfei Chen owned at least nine commercial properties with 51 residential units in New York City with 49,264 square feet and a city-determined market value of $11.7 million. (Market value is typically about 50% of actual value.) The portfolio has $46.3 million in debt, with top three lenders as W Financial, Arbor Realty Trust, and Colorado Federal Savings Bank respectively. Within the portfolio, the bulk, or 100 percent of the 49,264 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Parkview Properties owned at least four commercial properties with 32 residential units in New York City with 26,400 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Queens.

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