Spencer An pays $15M to Deborah An for mixed-use in Cambria Heights

Spencer An through the entity BG Cambria Heights Realty, LLC paid $15 million to Deborah An through the entity An & Brothers Inc. for mixed-use building (K1) at 217-20 Linden Boulevard in Cambria Heights, Queens.
The deal closed on September 30, 2022 and was recorded on October 12, 2022. The property has 39,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $379 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 Deborah An was Deborah An. The signatory for Spencer An was Spencer An.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Spencer An purchased one property in one transactions for a total of $8.7 million and has no record it sold any properties over the past 24 months.
The seller Deborah An had not purchased any other properties and had not sold any properties over the same time period. The 39,500-square-foot property generated revenue of $783,625 or $20 per square foot, according to the most recent income and expense figures.

The property

The 217-20 Linden Boulevard parcel has frontage of 580 feet and is 122 feet deep with a total lot size of 67,925 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.6 million.

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 Cambria Heights, the bulk, or 43 percent of the 710,922 square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 25 percent of the space. In sales, Cambria Heights has the 51st highest sale turnover among other neighborhoods in Queens with $5.9 million in sales volume in the last two years. For development, Cambria Heights has had very little major development activity relative to other neighborhoods.It had 1,940 square feet of commercial and multi-family construction under development in the last two years, which represents 0.27 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 41,708 square feet of built space are mixed-use buildings, with industrial buildings next occupying 5 percent of the space.

The buyer

The PincusCo database currently indicates that Spencer An owned at least 18 commercial properties in New York City with 349,496 square feet and a city-determined market value of $49.9 million. (Market value is typically about 50% of actual value.) The portfolio has $165.7 million in debt, borrowed from JPMorgan Chase and Centennial Bank. Within the portfolio, the bulk, or 64 percent of the 349,496 square feet of built space are retail properties, with industrial properties next occupying 26 percent of the space. The bulk, or 46 percent of the built space, is in Queens, with Brooklyn next at 42 percent of the space.

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