Xinhua Gan pays $23M to Eaststone Equities for two mixed-use buildings in Flushing

Xinhua Gan through the entity Guanghuiny LLC paid $23 million to Eaststone Equities through the entity Roosevelt Avenue Plaza De LLC for mixed-use building at 142-38 Roosevelt Avenue in Flushing, Queens and mixed-use building at 142-26 Roosevelt Avenue in Flushing, Queens.
The deal closed on February 11, 2022 and was recorded on February 28, 2022.
The two properties have 12,880 square feet of built space and 26,917 square feet of additional air rights for a total buildable of 39,779 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,785 and the price per buildable square foot is $578 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 Eaststone Equities was Kevin Yu. The signatory for Xinhua Gan was Xinhua Gan.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

In Flushing, the bulk, or 39 percent of the 78.7 million square feet of 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.
On the tax block, the majority, or 96 percent of the 463,187 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 3 percent of the space.

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