Yin Chou Hu through the entity Austin Plaza LLC paid $10.5 million to RW Real Estate Group and Gabriel Development through the entity 63-38 Austin LLC for development site (V1) at 63-68 Austin Street in Rego Park, Queens.
The deal closed on September 30, 2021 and was recorded on October 20, 2021.
The seller bought the property on November 15, 2018, for $6.5 million.
The signatories for RW Real Estate Group and Gabriel Development were David Koptiev and Joseph Misk. The signatory for Yin Chou Hu was Yin Chou Hu.
There has been one demolition project filed for the parcels over the past five years.
The sellers bought the property in November 2018 for $6.55 million, then demolished the existing building and navigated a rezoning of the property. The new owner will create a mixed-use building with retail and apartments, according to a source familiar with the buyer.
Within a 400-foot radius of 63-68 Austin Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
They were all for building rehab or alteration that require a change to the certificate of occupancy. They were one permit applications with a total initial cost of $500,000 and one permit with a total initial cost of $991,710. The most recent of these two items was the permit on May 28, 2021 for a 6,260-square-foot R-2 building with eight residential units at 63-86 Wetherole Street.
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