Sunlight Development pays $9.6M for possible dev site in Elmhurst

Sunlight Development Group through the entity 7801 Queens Holding LLC paid $9.6 million to Daniel Licht through the entity Elghanayan-Licht, LLC for the retail building (K7) at 78-01 Queens Boulevard in Elmhurst, Queens, industrial building (G7) at 79-30 Albion Avenue in Elmhurst, Queens, and industrial building (G7) onAlbion Avenue in Elmhurst, Queens.
The deal closed on July 14, 2023 and was recorded on July 18, 2023. The three properties have 3,660 square feet of built space and 19,113 square feet of additional air rights for a total buildable of 22,773 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,609 and the price per buildable square foot is $419 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 Daniel Licht was Jodi S. Hoffman. The signatory for Sunlight Development Group was Linzhong Zhuo.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 78-01 Queens Boulevard.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sunlight Development Group purchased 14 properties in four transactions for a total of $40.5 million and has no record it sold any properties over the past 24 months.
The seller Daniel Licht had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, one with a total of 3,660 square feet of built space generated revenue of $478,192 per year.

The property

The retail building in Elmhurst has 3,660 square feet of built space and 19,113 square feet of additional air rights for a total buildable of 22,773 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 5,999 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $4.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $900 in OATH penalties in the last year.

Development

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 Elmhurst, The bulk, or 40 percent of the 19.8 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has had very little sales volume relative to other neighborhoods with $195.7 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 448,966 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.

The block

On the tax block of 78-01 Queens Boulevard, PincusCo has identified the owners of one of the eight commercial properties representing 14,328 square feet of the 31,976 square feet. The identified owner is Yuk Chiu Chan.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 31,976 square feet of built space are retail buildings, with industrial buildings next occupying 44 percent of the space.

The buyer

The PincusCo database currently indicates that Sunlight Development Group owned at least three commercial properties in New York City with 30,757 square feet and a city-determined market value of $4.3 million. (Market value is typically about 50% of actual value.) The portfolio has $63.3 million in debt, with top three lenders as S3 Capital, iCross Capital, and Amerasia Bank respectively. Within the portfolio, the bulk, or 70 percent of the 30,757 square feet of built space are mixed-use properties, with industrial properties next occupying 30 percent of the space. They are all located in Queens.

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