Xue Mei Yi pays $5M to Ruby Malva Norwood for specialty in College Point
Xue Mei Yi through the entity 2212 Property LLC paid $5 million to Ruby Malva Norwood through the entity Danica-College Point Realty LLC for specialty building (Q8) at 22-12 119th Street in College Point, Queens.
The deal closed on November 9, 2022 and was recorded on November 28, 2022. The property has 7,767 square feet of built space and 14,625 square feet of additional air rights for a total buildable of 22,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $643 and the price per buildable square foot is $222 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 Ruby Malva Norwood was Ruby Malva Norwood. The signatory for Xue Mei Yi was Xue Mei Yi.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Xue Mei Yi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ruby Malva Norwood had not purchased any other properties and had not sold any properties over the same time period.
The property
The 22-12 119th Street parcel has frontage of 100 feet and is 268 feet deep with a total lot size of 22,500 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 $856,000.
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 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 $5 million on this tax lot.
The neighborhood
In College Point, the bulk, or 48 percent of the 10.9 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $232.7 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 113,144 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. There was one pre-foreclosure suit filed among other specialty buildings in the past 12 months.
The block
There are no active new building construction projects on this tax block.
The majority, or 60 percent of the 29,090 square feet of built space are industrial buildings, with office buildings next occupying 40 percent of the space.
The buyer
The PincusCo database currently indicates that Xue Mei Yi owned at least two commercial properties in New York City with 22,182 square feet and a city-determined market value of $8.5 million. (Market value is typically about 50% of actual value.) The portfolio has $23.6 million in debt, borrowed from Cathay Bank. Within the portfolio, the bulk, or 100 percent of the 22,182 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Queens.
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