Xuebin Yin pays $4.6M for 20-unit walkup in Flushing in foreclosure
Xuebin Yin paid $4.6 million for the 20-unit residential walkup building (C1) at 42-43 147th Street in Flushing, Queens.
The deal closed on February 27, 2024 and was recorded on March 21, 2024. The property has 17,325 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $268 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 the court was Irene Mattone. The signatory for Xuebin Yin was Xuebin Yin. The contract date was January 12, 2024. A prior owner Konstantina Biscardi, facing foreclosure 700933/2018 in New York County, transferred the building to another entity that placed the property in bankruptcy in the Eastern District of New York, 23-43416.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Xuebin Yin had purchased any other properties and has no record it sold any properties over the past 24 months.
The former owners according to the Department of Housing Preservation and Development includes Thomas Gigiakos, head officer and Anna Gigiakos, officer. The business entity is Furs By Gigi Ltd. The 17,325-square-foot property generated revenue of $319,473 or $18 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 20 residential units in Flushing has 17,325 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R3X which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 million.
Violations and lawsuits
The property was involved in one lawsuit and one bankruptcy over the past two years. The bankruptcy was filed on September 22, 2023, by Shiran Atias citing assets of $4.4 million. In addition, according to city public data, the property has received five DOB violations, $625 in ECB penalties, nine housing violations, and $625 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 $1 million on this tax lot.
The block
There are no active new building construction projects on this tax block.
All properties are walkup.
Direct link to Acris document. link