Sing Wang pays $4.8M for industrial in Sunnyside
Sing Wang through the entity Yi Your Co., Inc. paid $4.8 million to Maria Tai Yu Hsueh through the entity Hudson International Group Inc. for the midblock industrial building at 47-31 35th Street in Sunnyside, Queens.
The deal closed on March 17, 2022 and was recorded on May 3, 2022. The property has 13,500 square feet of built space and 4,500 square feet of additional air rights for a total buildable of 18,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $351 and the price per buildable square foot is $263 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 Maria Tai Yu Hsueh was Maria Tai Yu Hsueh. The signatory for Sing Wang was Sing Your Wang.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Sing Your Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maria Tai Yu Hsueh had not purchased any other properties and had not sold any properties over the same time period. The 13,500-square-foot property generated revenue of $173,002 or $13 per square foot, according to the most recent income and expense figures.
The property
The 47-31 35th Street parcel has frontage of 90 feet and is 100 feet deep with a total lot size of 9,000 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $924,000.
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 received $5,000 in ECB penalties and $5,000 in OATH penalties 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 Sunnyside, the bulk, or 35 percent of the 23.5 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $174.7 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 208,722 square feet of commercial and multi-family construction under development in the last two years, which represents 0.89 percent of the neighborhood’s built space.
The block
There are no active new building construction projects on this tax block.
All properties are industrial.
Surrounding
Within a 400-foot radius of 47-31 35th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Spyro Avdoulos bought the 20,000-square-foot industrial (E9) on 47-09 36th Street for $8.8 million from Fhu-San Lee on July 10, 2020.
One of those two items was a loan which Spyro Avdoulos borrowed $6.6 million from 4709-36, LLC secured by the 20,000-square-foot, one-unit industrial (E9) on 47-09 36th Street on July 10, 2020.
Direct link to Acris document. link