Xu Sheng Wang pays $2.6M for mixed-use on Vernon Boulevard in Long Island City

Xu Sheng Wang through the entity A&S Vernon Realty LLC paid $2.6 million to Samuel F. Colin through the entity 2011 CF Vernon LLC for mixed-use building (S1) at 47-29 Vernon Boulevard in Long Island City, Queens.
The deal closed on January 18, 2023 and was recorded on January 31, 2023. The property has 2,300 square feet of built space and 5,200 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,140 and the price per buildable square foot is $349 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 August 12, 2015, for $2.3 million. The signatory for Samuel F. Colin was Samuel F. Colin. The signatory for Xu Sheng Wang was Xu Sheng Wang.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Xu Sheng Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Samuel F. Colin had not purchased any other properties and had not sold any properties over the same time period. The 2,300-square-foot property generated revenue of $108,982 or $47 per square foot, according to the most recent income and expense figures.

The property

The 47-29 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 $894,000.

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 $100 in OATH penalties 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 Long Island City, the bulk, or 33 percent of the 62.1 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Long Island City is the 4th most active neighborhood among other neighborhoods. It had 9 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.

The block

On this tax block, PincusCo has identified the owners of four of the 28 commercial properties representing 18,100 square feet of the 144,488 square feet. The largest owner is Witold Szewczyk, followed by Sandra Santvoord and then Michael Ho.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 140,401 square feet of built space are walkup buildings, with industrial buildings next occupying 26 percent of the space.

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