Stratus Ridge Partners pays $2.2M for pre-school building in Long Island City

The entity Stratus Ridge Partners LLC paid $2.2 million to Hsing Hsung Chuang through the entity Lic 48 Avenue, LLC for the pre-school building (P5) at 10-29 48th Avenue in Long Island City, Queens.
The deal closed on December 16, 2025 and was recorded on January 12, 2026. The property has 3,750 square feet of built space and 1,250 square feet of additional air rights for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $600 and the price per buildable square foot is $450 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 seller bought the property on July 18, 2013, for $1.2 million. The signatory for Hsing Hsung Chuang was Hsing Hsung Chuang. The signatory for Stratus Ridge Partners was Zhen Liang Li . The contract date was August 15, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Stratus Ridge Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hsing Hsung Chuang had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Long Island City has 3,750 square feet of built space and 1,250 square feet of additional air rights for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-4/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $594,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 13, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.4 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 6.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 20 of the 27 commercial properties representing 98,631 square feet of the 140,401 square feet. The largest owner is George Pavlou, followed by Peter Jakobson and then Andrew Anzalone.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 140,401 square feet of built space are walkup buildings, with industrial buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Hsing Hsung Chuang owned at least one commercial property with seven residential units in New York City with 7,416 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

Direct link to Acris document. link