Yong Ho Lee pays $13.6M to Allied Properties for office in Bayside
Yong Ho Lee through the entity NB Plaza Property LLC paid $13.6 million to Allied Properties through the entity 21311 Northern Blvd LLC for the office building (O5) at 213-07 Northern Boulevard in Bayside, Queens.
The deal closed on August 17, 2023 and was recorded on August 25, 2023. The property has 39,248 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $347 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 seller bought the property on October 22, 2018, for $5.6 million. The signatory for Allied Properties was Efthimios Zisimopoulos, who is also known by the name Tim Ziss. The signatory for Yong Ho Lee was Yong Ho Lee. The contract date was June 1, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Yong Ho Lee had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Allied Properties had not purchased any other properties and had not sold any properties over the same time period. The 39,248-square-foot property generated revenue of $1.4 million or $35 per square foot, according to the most recent income and expense figures.
The property
The office building in Bayside has 39,248 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 105 feet deep with a total lot size of 10,450 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.9 million. The most recent loan totaled $7.8 million and was provided by Brick Capital Group on May 1, 2022.
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 Bayside, The bulk, or 42 percent of the 6.8 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Bayside has the 24th highest sale turnover among other neighborhoods in Queens with $81.7 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had 200,348 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 five commercial properties representing 39,248 square feet of the 57,664 square feet. The identified owner is Efthimios Zisimopoulos.
There are no active new building construction projects on this tax block.
The majority, or 68 percent of the 57,664 square feet of built space are office buildings, with retail buildings next occupying 32 percent of the space.
The seller
The PincusCo database currently indicates that Allied Properties owned at least one commercial property in New York City with 38,621 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio has $10.5 million in debt, borrowed from Dime Community Bank. The portfolio consists of at least a single office property. It is located in Brooklyn.
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