X-Treme Care pays $13M to Won Chong Kim for office in Bayside

A user, X-Treme Care through the entity X-Treme Homecare Services LLC, paid $13 million to Won Chong Kim through the entity 21214 Northern LLC for the office building (O5) at 212-14 Northern Boulevard in Bayside, Queens.
The deal closed on June 1, 2022 and was recorded on July 28, 2022. The property has 29,057 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $447 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 seller bought the property on January 13, 2012, for $2.8 million. The signatory for Won Chong Kim was Won Chong Kim. The signatory for X-Treme Care was Yong Lee. X-Treme Care is a home heath company.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer X-Treme Care had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Won Chong Kim had not purchased any other properties and had not sold any properties over the same time period. The 29,057-square-foot property generated revenue of $1.1 million or $37 per square foot, according to the most recent income and expense figures.

The property

The 212-14 Northern Boulevard parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. 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 $3.7 million.The most recent loan totaled $7.8 million and was provided by Bank of Hope on March 29, 2022.

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 one DOB violation in the last year.

Development

On these lots, there was a new building project for a 19,057-square-foot M building developed by Won Chong Kim with plans filed June 15, 2015 and permitted July 11, 2016.

The neighborhood

In Bayside, the bulk, or 42 percent of the 6.8 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Bayside has the 22nd highest sale turnover among other neighborhoods in Queens with $77.2 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had 157,484 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 two of the nine commercial properties representing 29,057 square feet of the 116,008 square feet. The two identified owners are Won Chong Kim and Consolidated Edison.

The majority, or 41 percent of the 116,008 square feet of built space are mixed-use buildings, with retail buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Won Chong Kim owned at least one commercial property in New York City with 29,057 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) The portfolio has $7.8 million in debt, borrowed from Bank of Hope. The portfolio consists of at least a single office property. It is located in Queens.

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