Zhen Mei Chen pays $4.5M for mixed-use in Long Island City

Zhen Mei Chen through the entity 46-18 Vernon Blvd LLC paid $4.5 million to Maria Lombardi through the entity Teria, LLC for the three-unit mixed-use building (K4) at 46-18 Vernon Boulevard in Long Island City, Queens. The expected use is cash flowing.
The deal closed on August 20, 2024 and was recorded on August 22, 2024. The property has 4,700 square feet of built space and 2,798 square feet of additional air rights for a total buildable of 7,497 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $957 and the price per buildable square foot is $600 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 Maria Lombardi was Maria Lombardi. The signatory for Zhen Mei Chen was Zhen Mei Chen. The contract date was April 24, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zhen Mei Chen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maria Lombardi had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Maria Lombardi, individual owner.

The property

The mixed-use building with 3 residential units in Long Island City has 4,700 square feet of built space and 2,798 square feet of additional air rights for a total buildable of 7,497 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $664,000.

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 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 Long Island City, The bulk, or 32 percent of the 60.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 8th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 5.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 10 commercial properties representing 225,392 square feet of the 230,092 square feet. The largest owner is Plaxall, followed by Rocco Tomassetti and then Plastic Center, Inc..
There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 230,092 square feet of built space are industrial buildings, with elevator buildings next occupying 16 percent of the space.

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