Thomas Ng pays $2.9M for mixed-use new development in Long Island City

Thomas Ng through the entity Vernon 46 LLC paid $2.9 million to Eileen L. Casson through the entity Vernon 4640 LLC for midblock six-unit mixed-use building at 46-40 Vernon Boulevard in Long Island City, Queens.
The deal closed on May 5, 2022 and was recorded on May 18, 2022. The property has 7,822 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $370 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 Eileen L. Casson was Eileen L. Casson. The signatory for Thomas Ng was Thomas Ng.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Thomas Ng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eileen L. Casson had not purchased any other properties and had not sold any properties over the same time period.

The property

The 46-40 Vernon Boulevard parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $363,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $3,750 in ECB penalties and $4,100 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a six-unit, 7,394-square-foot R-2 building. The project was developed by Eileen Casson with plans filed December 29, 2014 and permitted October 2, 2018.

The neighborhood

In Long Island City, the bulk, or 33 percent of the 66.2 million square feet of commercial built space are residential elevator buildings, with industrial buildings next occupying 30 percent of the space. In sales, Long Island City has 4.2 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 2nd most active neighborhood among other neighborhoods. It had 9.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 21 commercial properties representing 6,958 square feet of the 199,876 square feet. The identified owner is Charney Companies. There are two active new building construction projects totaling 33,342 square feet. The largest is a 36-unit, 25,948-square-foot B building developed by Yanghua Su with plans filed October 21, 2014 and it has not been permitted yet. The second largest is a six-unit, 7,394-square-foot R-2 building developed by Eileen Casson with plans filed December 29, 2014 and permitted October 2, 2018.

The majority, or 71 percent of the 203,026 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 17 percent of the space.

Surrounding

Within a 400-foot radius of 46-40 Vernon Boulevard, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on September 30, 2020 for the $250,000 renovation of 4,500-square-foot A-3 building with no residential units at 10-12 46th Road.
Of those three items, two were loans above $5 million totaling $13.3 million. The most recent of the two was Phaedra Kazanas which borrowed $7.5 million from Dime Community Bank secured by the 15,000-square-foot, one-unit office building (O5) on 5-44 47th Avenue on April 21, 2021.

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