Yi Jian Lin pays $7.29M for industrial in Jamaica

UPDATED 6:25 p.m., June 22, 2024: Yi Jian Lin paid $7.29 million to the estate of Fred Stark for two adjacent long and thin industrial properties that front railroad tracks on one side and a surface road on another in Jamaica, Queens, in two transactions.

In the first, Yi Jian Lin through the entity 108-40 Dunkirk LLC paid $4.9 million to the estate of Fred Stark through the entity 108 Dunkirk Street, LLC for the industrial building (E1) at 108-40 Dunkirk Street in Jamaica, Queens.
The deal closed on June 4, 2024 and was recorded on June 11, 2024. The property has 38,500 square feet of built space and 11,557 square feet of additional air rights for a total buildable of 50,249 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $128 and the price per buildable square foot is $98 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.)

In the second, Yi Jian Lin through the entity 110-20 Dunkirk LLC paid $2.3 million to the estate of Fred Stark through the entity 110 Dunkirk Street, LLC for the industrial building (E1) at 110-20 Dunkirk Street in St. Albans, Queens.
The deal closed on June 4, 2024 and was recorded on June 11, 2024. The property has 13,800 square feet of built space and 9,180 square feet of additional air rights for a total buildable of 22,952 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $170 and the price per buildable square foot is $102 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 estate of Fred Stark entity was Bruce Sontag, an attorney. The signatory for Yi Jian Lin was Yi Jian Lin. The contract date was April 3, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yi Jian Lin purchased one property in one transaction for a total of $4.3 million and has no record it sold any properties over the past 24 months.

The property

The industrial building in Jamaica has 38,500 square feet of built space and 11,557 square feet of additional air rights for a total buildable of 50,249 square feet according to a PincusCo analysis of city data. The parcel has frontage of 820 feet and is 72 feet deep with a total lot size of 50,249 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 $2.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. 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 $1 million on this tax lot.

The neighborhood

In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $287.3 million in sales volume in the last two years and is the 6th highest in Queens. For development, Jamaica has 2.2 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 14 commercial properties representing 285,988 square feet of the 628,281 square feet. The largest owner is Prime Group Holdings, followed by Lirr and then Elion Partners.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 628,281 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Yi Jian Lin owned at least five commercial properties with 24 residential units in New York City with 113,273 square feet and a city-determined market value of $13.9 million. (Market value is typically about 50% of actual value.) The portfolio has $18 million in debt, borrowed from Cathay Bank. Within the portfolio, the bulk, or 72 percent of the 113,273 square feet of built space are industrial properties, with elevator properties next occupying 28 percent of the space. The bulk, or 63 percent of the built space, is in Queens, with Brooklyn next at 37 percent of the space.

Correction: In a prior version of this post, PincusCo incorrectly identified Bruce Sontag as the owner of the seller. In fact, he is the president of the company that managed the asset, but was not the beneficial owner.

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