Sunlight Development pays $10.2M to Lisa Lam for 23-unit elevator building in Flushing

Sunlight Development Group through the entity Sunlight Barclay Tower LLC paid $10.2 million to Lisa Lam through the entity Rlch Inc for the 23-unit residential elevator building at 144-69 Barclay Avenue in Flushing, Queens.
The deal closed on December 21, 2021 and was recorded on January 19, 2022.
The property has 34,645 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $292 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 March 6, 2012, for $1.1 million.
The signatory for Lisa Lam was Lisa Lam. The signatory for Sunlight Development Group was Linzhong Zhuo.

The 34,645-square-foot property generated revenue of $919,540 or $27 per square foot, according to the most recent income and expense figures.

(420557203)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 23 residential units on September 27, 2017. (420557203) Plans for a 23-unit, 23,178 square-foot R-2 were filed on April 17, 2012 and were permitted on August 7, 2013.
Linzhong Zhuo is the president of Sunlight Development Group. RLCH Inc filed for bankruptcy in Brooklyn.

In Flushing, the bulk, or 39 percent of the 78.7 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 29 percent of the space. In sales, Flushing has near average sales volume among other neighborhoods with $312.4 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has 2.9 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 84 percent of the 592,141 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 12 percent of the space.
There was a condominium project filed with the address 144-69 Barclay Avenue and the name Barclay Tower Condominium (the) on October 25, 2019. The principals of the sponsor, Rlch Inc.**, were Lisa Lam, Steven Cheung, and Zhen Lin. link
The former owner according to the Department of Housing Preservation and Development was Lisa Lam, head officer. The business entity was Rlch Inc.

Within a 400-foot radius of 144-69 Barclay Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Samson Management borrowed $22.2 million from Capital One secured by the 200,548-square-foot, 208-unit rental (D1) on 144-67 41st Avenue on January 29, 2020.

Direct link to Acris document. link