Sunlight Development group pays $10M to Linlin Zhuo for unsold condos in Flushing

Sunlight Development group through the entity Tong Shan LLC paid $10 million to Linlin Zhuo through the entity 136-20 Booth Memorial LLC for 11 unsold condo units at 136-20 Booth Memorial Avenue Flushing, Queens.
The deal closed on March 18, 2022 and was recorded on April 1, 2022.The 11 properties have 42,045 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $236 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.)

Sunlight Development Group signed a refi loan with lender CTBC Bank valued at $6 million.
The signatory for Linlin Zhuo was Linlin Zhuo. The signatory for Sunlight Development group was Linzhong Zhuo. This is for a bulk sale of condo units at the Booth Park condo. Hui Chen and Linlin Zhuo (spelled Zhou in the Attorney General filing) were principals of the original condo filing.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sunlight Development group purchased one property in one transactions for a total of $10.2 million and has no record it sold any properties over the past 24 months.
The seller Linlin Zhuo purchased one properties in one transactions for a total of $23 million and had not sold any properties over the same time period.

The property

The 136-20 Booth Memorial Avenue parcel has a total lot size of 24,513 square feet. The city-designated market value for the property in 2022 is $1.5 million.The most recent loan totaled $7 million and was provided by Amerasia Bank on October 19, 2020.

Violations and lawsuits

The properties were not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the properties have 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. On one of the tax lots, there was a condominium project filed with the address 136-20 Booth Memorial Avenue and the name Booth Park Condominium on January 30, 2019. The principals of the sponsor, 136-20 BOOTH MEMORIAL LLC, were Hui Chen and Linlin Zhou.

The block

There is one active new building construction project totaling 3,889 square feet. It is a two-unit, 3,889-square-foot R-3 building developed by Shijie Zhang with plans filed October 28, 2021 and it has not been permitted yet.

The majority, or 84 percent of the 89,659 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Linlin Zhuo owned at least one commercial property with 52,000 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio has $21.5 million in debt, borrowed from CTBC Bank and Amerasia Bank. The portfolio consists of at least a single industrial property. It is located in Brooklyn.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 136-20 Booth Memorial Avenue that occurred over the past 24 months.

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