Zhi Yuan Sun pays $3.1M for mixed-use in North Corona

Zhi Yuan Sun through the entity 108-65 Roosevelt Ave LLC paid $3.1 million to John Po Sheng Hsu through the entity 111 Roosevelt Development LLC for the midblock six-unit mixed-use building at 108-65 Roosevelt Avenue in North Corona, Queens.
The deal closed on April 28, 2022 and was recorded on June 2, 2022. The property has 6,120 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $509 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 December 20, 2018, for $9.3 million. The signatory for John Po Sheng Hsu was John Po Sheng Hsu. The signatory for Zhi Yuan Sun was Zhi Yuan Sun.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Zhi Yuan Sun had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John Po Sheng Hsu had not purchased any other properties and had not sold any properties over the same time period.

The property

The 108-65 Roosevelt Avenue parcel has frontage of 23 feet and is 125 feet deep with a total lot size of 2,916 square feet. 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 $568,000.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 27, 2021. 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 North Corona, the majority, or 53 percent of the 12.7 million square feet of commercial built space are 1-4 family buildings, with mixed-use buildings next occupying 12 percent of the space. In sales, North Corona has the 33rd highest sale turnover among other neighborhoods in Queens with $26.3 million in sales volume in the last two years. For development, North Corona has had very little major development activity relative to other neighborhoods.It had 364,997 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 was one 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 three of the 26 commercial properties representing 16,500 square feet of the 160,416 square feet. The largest owner is Sinchi Wilson, followed by Elia Aguilar and then Yi Yong Li.

The majority, or 42 percent of the 237,725 square feet of built space are mixed-use buildings, with 1-4 family buildings next occupying 33 percent of the space.

Surrounding

Within a 400-foot radius of 108-65 Roosevelt Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were two permit applications with a total initial cost of $891,590. The most recent of these two items was the filing on June 14, 2021 for a 5,659-square-foot R-3 building with four residential units at 111-07 Roosevelt Avenue.

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