Ronald Chen pays $6.7M for three walkups totaling 60 units in Flushing

Ronald Chen through the entity Roosevelt Manor LLC paid $6.7 million to Paul McAfee and Monica Crowley through the entity 144-41 Roosevelt Ave LLC for three 20-unit residential walkup buildings (C1) at 144-47, 144-47 and 144-53 Roosevelt Avenue in Flushing, Queens.
The deal closed on March 23, 2023 and was recorded on April 5, 2023. The three properties have 37,506 square feet of built space and 2,704 square feet of additional air rights for a total buildable of 40,214 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $178 and the price per buildable square foot is $166 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 Paul McAfee and Monica Crowley was Paul McAfee. The signatory for Ronald Chen was Ronald Chen.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 144-47 Roosevelt Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ronald Chen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Paul McAfee 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 Paul Mcafee, head officer and Monica Crowley, officer. The business entity is 144-47 Roosevelt Ave Llc. The three properties with a total of 37,506 square feet of built space generated revenue of $746,816 per year or $20 per square foot. The sale price per square foot was $179.

The property

The residential walkup building with 20 residential units in Flushing has 37,506 square feet of built space and 2,704 square feet of additional air rights for a total buildable of 40,214 square feet according to a PincusCo analysis of city data. The parcel has frontage of 56 feet and is 96 feet deep with a total lot size of 5,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received four housing violations in the last year.

Development

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 the tax block of 144-47 Roosevelt Avenue, PincusCo has identified the owners of three of the 10 commercial properties representing 191,268 square feet of the 279,568 square feet. The largest owner is Michael Cheng, followed by JRC Management and then Ciampa Organization.
On the tax block, there was one new building construction project filed totaling 27,850 square feet. It is a 30-unit, 27,850 square-foot residential (R-2) building submitted by Mike Cheng with plans filed October 30, 2017 and permitted March 24, 2022.

The majority, or 68 percent of the 279,568 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

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