Kong Yong Chen Acquires Industrial Property In College Point For $8.4M

The industrial property located at 18-02 131st Street in College Point has been sold in a closed transaction. The property is zoned M1-1 and offers a total building square footage (BSF) of 20,000. The price per building square footage (PPBSF) is $420, resulting in a sale price of $8,400,000. The lot size is 20,000 square feet, with dimensions of 120 ft x 180 ft. The property has a total square footage (SF) of 19,400, with a price per square foot (PPSF) of $432. The previous sale of the property took place on February 9, 2006, with a sale price of $4,000,000. An alteration permit was issued on June 12, 1989.

Summary of transation details

• Property Type: Industrial
• Transaction Amount: $8,400,000
• Address: 18-02 131st Street, College Point
• Zoning: M1-1
• BSF: 20,000
• PPBSF: $420
• SF: 19,400
• PPSF: $432
• Lot Size: 20,000 SF
• Lot Dimensions: 120 ft x 180 ft
• Last Sale Price: $4,000,000 (2/9/2006)
• Permits: Alteration 2 (06/12/1989)

The buyer in this transaction is Kong Yong Chen, while the seller is Sang Ki Han. The property transaction has a floor area ratio (FAR) of 0.97 and is classified under tax class 4.