Seongsik Kim Acquires Industrial Property In East Flushing,Queens For $3.01M

The industrial property located at 42-14 162nd Street in East Flushing, Queens has been sold for a price of $3,010,000. The property is zoned as R5B and C2-2, allowing for industrial use. It has a total building square footage (BSF) of 3,442, with a price per BSF (PPBSF) of $874. The property spans an area of 6,094 square feet, resulting in a price per square foot (PPSF) of $493. The lot size is 2,550 square feet, with dimensions of 38 feet by 100 feet. The current FAR (Floor Area Ratio) of the property is 2.39, indicating the potential for further development. The property falls under tax class 4.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $3,010,000
• Market: East Flushing, Queens
• Buyer: Seongsik Kim
• Seller: De Hua Lin Cheng
• Previous Sale Price: $1,828,694 (01/10/2014)
• Permits: Alteration 3 (01/07/2019)

The buyer involved in the transaction is Seongsik Kim. On the other hand, the seller is De Hua Lin Cheng. The property was last sold for $1,828,694 on January 10, 2014. It has had alterations permit issued on January 7, 2019, allowing for modifications or improvements to the property. It's important to note that the property's current transaction price is significantly higher than its previous sale price, indicating potential appreciation over time.