Shi Rong Dong pays $3M for mixed-use in Woodside

Shi Rong Dong through the entity 168 J, LLC paid $3 million to Engeline K. Gomez through the entity 58-28 Roosevelt Avenue LLC for four-unit mixed-use building (S9) at 58-28 Roosevelt Avenue in Woodside, Queens.
The deal closed on July 15, 2022 and was recorded on August 3, 2022. The property has 5,907 square feet of built space and 1,154 square feet of additional air rights for a total buildable of 7,068 square feet according to PincusCo analysis of city data. The sale price per built square foot is $507 and the price per buildable square foot is $424 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 Engeline K. Gomez was Engeline K. Gomez. The signatory for Shi Rong Dong was Shi Rong Dong.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Shi Rong Dong had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Engeline K. Gomez 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 Engeline Gomez, head officer and Engilberta Santos, site manager. The business entity is 58-28 Roosevelt Ave, Llc. The 5,907-square-foot property generated revenue of $138,342 or $23 per square foot, according to the most recent income and expense figures.

The property

The 58-28 Roosevelt Avenue parcel has frontage of 22 feet and is 107 feet deep with a total lot size of 2,356 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $771,000.

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 neighborhood

In Woodside, the bulk, or 27 percent of the 12.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $182 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 336,865 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 16 commercial properties representing 61,416 square feet of the 145,415 square feet. The identified owner is Ann Marie Walsh.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 145,415 square feet of built space are walkup buildings, with elevator buildings next occupying 32 percent of the space.

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