Yun Li pays $2.5M to for 4-unit mixed-use in Flushing

Yun Li through the entity New Yun Realty LLC paid $2.5 million to J & C International Group through the entity 41 Haight Street Townhouse Owner, LLC for midblock four-unit mixed-use building at 41-09 Haight Street in Flushing, Queens.
The deal closed on May 9, 2022 and was recorded on May 26, 2022. The property has 5,354 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $466 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 September 14, 2020, for $18.6 million as part of a 10-lot acquisition. The signatory for J & C International Group was John Jun Xu. The signatory for Yun Li was Yun Li. John Jun Xu is the chairman of the board of J & C International Group.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Yun Li had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller J & C International Group had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes John Jun Xu, head officer and Chung Lam, site manager. The business entity is 41 Haight Street Townhouse Owner Llc. The 5,354-square-foot property generated revenue of $110,614 or $21 per square foot, according to the most recent income and expense figures.

The property

The 41-09 Haight Street parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 1,900 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $744,000.The most recent loan totaled $15.7 million and was provided by Castellan Capital on June 24, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $550 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on June 25, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Flushing, the bulk, or 39 percent of the 78.7 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 29 percent of the space. In sales, Flushing has near average sales volume among other neighborhoods with $312.4 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has 2.9 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.6 million 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. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 37 commercial properties representing 85,001 square feet of the 152,354 square feet. The largest owner is J&C International Group, followed by Zhifeng Chen and then Shao Shuang Huang. There is one active new building construction project totaling 60,366 square feet. It is a four-unit, 60,366-square-foot R-2 building developed by Angelo Cosentini with plans filed December 16, 2011 and permitted August 3, 2015.

The majority, or 44 percent of the 150,265 square feet of built space are mixed-use buildings, with residential elevator buildings next occupying 21 percent of the space.

Surrounding

Within a 400-foot radius of 41-09 Haight Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were sales above $5 million totaling $18.5 million. The most recent of the two was McSam Hotel Group which bought the parking (G7) parcel on 131-40 40th Road and seven other properties for $9 million from Naomi Yakuel on March 5, 2021.
One of those three items was a loan which McSam Hotel Group borrowed $5.5 million from Maxim Credit Group secured by the parcel on 131-40 40th Road and seven other properties on March 5, 2021.

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