Xue Ben Zou, Shao Lin pay $9.3M for retail in Jackson Heights

Xue Ben Zou and Shao Lin through the entity Zou’s 83 LLC paid $9.3 million to Jeffrey Novick through the entity Grovick Properties, LLC for the retail building (K6) at 83-10 Astoria Boulevard in Jackson Heights, Queens.
The deal closed on September 13, 2022 and was recorded on September 26, 2022. The property has 9,500 square feet of built space and 5,090 square feet of additional air rights for a total buildable of 14,684 square feet according to PincusCo analysis of city data. The sale price per built square foot is $981 and the price per buildable square foot is $634 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 April 2, 2004, for $2.4 million. The signatory for Jeffrey Novick was Jeffrey Novick. The signatory for Xue Ben Zou and Shao Lin was Xue Ben Zou and Shao Lin.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Xue Ben Zou had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jeffrey Novick had not purchased any other properties and had not sold any properties over the same time period. The 9,500-square-foot property generated revenue of $351,918 or $37 per square foot, according to the most recent income and expense figures.

The property

The 83-10 Astoria Boulevard parcel has frontage of 213 feet and is 80 feet deep with a total lot size of 19,579 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 million.

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 $200 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 Jackson Heights, the bulk, or 42 percent of the 16.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 19 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $185 million in sales volume in the last two years. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 334,642 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

There are no active new building construction projects on this tax block.

All properties are retail.

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