Swayne Shu pays $9M to Charles Light for four commercial condos in Forest Hills

Swayne Shu through the entity Marcey LLC paid $9 million to Charles Light through the entity The Brothers Prudential Co. LLC for commercial condominium units at 107-40 Queens Boulevard in Forest Hills, Queens.
The deal closed on January 23, 2023 and was recorded on February 15, 2023. The four properties have 26,483 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $339 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 Charles Light was Jodi S. Hoffman. The signatory for Swayne Shu was G. Shu.

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 107-40 Queens Boulevard.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Swayne Shu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Charles Light had not purchased any other properties and had not sold any properties over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. 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.

The neighborhood

In Forest Hills, the majority, or 62 percent of the 15.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 12 percent of the space. In sales, Forest Hills has had very little sales volume relative to other neighborhoods with $152.9 million in sales volume in the last two years. For development, Forest Hills has had very little major development activity relative to other neighborhoods.It had 457,998 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.

The block

On the tax block of 107-40 Queens Boulevard, PincusCo has identified the owners of six of the 17 commercial properties representing 47,090 square feet of the 141,793 square feet. The largest owner is Philips International, followed by Oksana Poltilova and Riva Musheyev.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 115,310 square feet of built space are mixed-use buildings, with retail buildings next occupying 45 percent of the space.

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