Sparkling Supermarket pays $19M for mixed-use building in Elmhurst

Sparkling Supermarket Inc. through the entity Golden Sparkling Ny LLC paid $19 million to Kam Lun Food Products through the entity Kam Lun Food Products, Inc. for mixed-use building at 86-18 Broadway in Elmhurst, Queens.
The deal closed on December 20, 2021 and was recorded on January 19, 2022.
The property has 24,290 square feet of built space and 38,868 square feet of additional air rights for a total buildable of 63,200 square feet according to PincusCo analysis of city data. The sale price per built square foot is $782 and the price per buildable square foot is $300 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 Kam Lun Food Products was Andrew Huang. The signatory for Sparkling Supermarket Inc. was Xiang Yang Xia.

The 24,290-square-foot property generated revenue of $1.4 million or $59 per square foot, according to the most recent income and expense figures.

In Elmhurst, the bulk, or 36 percent of the 38.7 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 31 percent of the space. In sales, Elmhurst has had very little sales volume relative to other neighborhoods with $127.2 million in sales volume in the last two years. For development, Elmhurst has had very little major development activity relative to other neighborhoods. It had 723,070 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On the tax block, the majority, or 46 percent of the 60,938 square feet of built space are mixed-use buildings, with 1-4 family buildings next occupying 30 percent of the space.
Within a 400-foot radius of 86-18 Broadway, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Pi Capital Partners borrowed $75 million from Signature Bank secured by four condo units in the 26,863-square-foot, 274-unit mixed-use building (RM) on 51-35 Reeder Street on November 24, 2021.

Direct link to Acris document. link