Surjeet Kaur pays $6.2M for development in Elmhurst

Surjeet Kaur through the entity 78 Investors LLC paid $6.2 million to Yan Po Zhu through the entity Triple East Queens Tower LLC for the development building (V1) at 78-06 Queens Boulevard in Elmhurst, Queens.
The deal closed on June 15, 2023 and was recorded on July 13, 2023.
On the lot, there is one active new building construction project for a 21-unit, 49,336 square-foot R-1 building. The project was submitted by East Times Group and filed by Yan Po Zhu with plans filed March 13, 2015 and it has not been permitted yet.
The seller bought the property on December 16, 2013, for $4.6 million. The signatory for Yan Po Zhu was Yan Po Zhu. The signatory for Surjeet Kaur was Surjeet Kaur.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Surjeet Kaur had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yan Po Zhu had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 80 feet and is 123 feet deep with a total lot size of 10,329 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.4 million.

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.

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 $189.5 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 454,597 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 this tax block, PincusCo has identified the owners of three of the five commercial properties representing 128,066 square feet of the 131,066 square feet. The two identified owners are Steven Berger and David Levitan.
On the tax block, there was one new building construction project filed totaling 49,336 square feet. It is a 21-unit, 49,336 square-foot hotel/dormitory/shelter (R-1) building submitted by East Times Group and filed by Yan Po Zhu with plans filed March 13, 2015 and it has not been permitted yet.

The majority, or 67 percent of the 131,066 square feet of built space are hotel buildings, with specialty buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Surjeet Kaur owned at least four commercial properties in New York City with 199,334 square feet and a city-determined market value of $38.3 million. (Market value is typically about 50% of actual value.) The portfolio has $83.8 million in debt, with top three lenders as State Bank of Texas, Preferred Bank, and Axos Bank respectively. Within the portfolio, all identified are hotel properties. The bulk, or 81 percent of the built space, is in Queens, with Bronx next at 19 percent of the space.

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