Yinni Li pays $3.6M for retail in Jackson Heights

Yinni Li through the entity Ancestor Blessings No.1 LLC paid $3.6 million to Lawrence J. Gross and Peter Zlotnick through the entity 37-53 82nd Street LLC for the retail building (K2) at 37-53 82nd Street in Jackson Heights, Queens.
The deal closed on April 4, 2024 and was recorded on April 19, 2024. The property has 3,400 square feet of built space and 1,460 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,058 and the price per buildable square foot is $740 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 Lawrence J. Gross and Peter Zlotnick was Lawrence J. Gross and Peter Zlotnick. The signatory for Yinni Li was Yinni Li. The contract date was February 15, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yinni Li had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lawrence J. Gross had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Jackson Heights has 3,400 square feet of built space and 1,460 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The property is in the Jackson Heights Historic District. The city-designated market value for the property in 2022 is $978,000.

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 received $600 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 neighborhood

In Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $146.4 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 509,566 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 21 commercial properties representing 8,163 square feet of the 128,523 square feet. The identified owner is John Rapp.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 128,523 square feet of built space are retail buildings, with mixed-use buildings next occupying 26 percent of the space.

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