Tim Chan files to create 29-unit condo with $18M sellout in Elmhurst

Tim Hei Chan and Yun Lin Xin through the entity 73 M&C Realty LLC, filed to create 29 residential units and 3 commercial units in a new construction building at 73-02 Woodside Avenue in Elmhurst, Queens, called the 73 Woodside Manor Condominium that has an $18.1 million sellout, according to an November 14, 2022 submission to the New York State Attorney General.

Tim H. Chan of 73 M & C Realty LLC submitted a new building construction project for a 29-unit, 27,242 square-foot residential (R-2) building at 73-02 Woodside Avenue in Elmhurst, Queens. The plan was filed with the New York City Department of Buildings on August 17, 2015 under job number 421203655 and was permitted on January 16, 2020. It calls for the construction of a five-story building. The project is described in the filing as: proposed a five-story residential with community facility building.

The property

The elevator building with 29 residential units in Elmhurst has 45,143 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 123 feet and is 128 feet deep with a total lot size of 13,648 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million.

Prior sales and revenue

This property was purchased for $1.5 million on October 20, 2014.

The 45,143-square-foot property generated revenue of $1.4 million or $30 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Elmhurst, The bulk, or 40 percent of the 20.3 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 near average sales volume among other neighborhoods with $183.7 million in sales volume in the last two years and is the 10th highest in Queens. For development, Elmhurst has near average amount of major developments among other neighborhoods and is the 10th highest in Queens. It had 610,402 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. There were three pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On the tax block, there were four new building construction projects totaling 60,353 square feet. The largest is a 29-unit, 27,242 square-foot residential (R-2) building submitted by Tim H. Chan with plans filed August 17, 2015 and permitted January 16, 2020. The second largest is a three-unit, 11,037 square-foot residential (R-2) building submitted by Tim Chan with plans filed July 27, 2016 and permitted July 21, 2017.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 72-34 Woodside Avenue in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.