Tse Yuan pays $3M for church in Maspeth

Tse C. Yuan through the entity Cp 2022 LLC paid $3 million to Little Flock Church through the entity The Little Flock Church for the specialty building (M1) at 69-38 47th Avenue in Maspeth, Queens.
The deal closed on January 31, 2024 and was recorded on February 14, 2024. The property has 7,687 square feet of built space and 491 square feet of additional air rights for a total buildable of 8,199 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $385 and the price per buildable square foot is $361 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 Little Flock Church was Steve Choi. The signatory for Tse C. Yuan was Tse C. Yuan. The contract date was March 21, 2023. Tse C. Yuan was identified as member of the buying entity.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tse C. Yuan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Little Flock Church had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Maspeth has 7,687 square feet of built space and 491 square feet of additional air rights for a total buildable of 8,199 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 125 feet deep with a total lot size of 8,199 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 $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.

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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 1.6 times the average sales volume among other neighborhoods with $476.1 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 308,113 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 8,504 square feet of the 13,716 square feet. The largest owner is LIRR, followed by Julius Makky and then James Hillock.
There are no active new building construction projects on this tax block.

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