Luminsun Holdings Purchases Retail Units At The Corte In Long Island City For $11.25M
21 30 44th Drive
$11,250,000
$1,109/SF
Building Size
10,142 SF
Asset Type
Retail
Closing
Dec 3, 2025
AI
The transaction involves the sale of two retail commercial condo units located at 21-30 44th Drive in Long Island City, with a sale price of $11,250,000. The total square footage of the property is 10,142, which includes a 6,090 square foot cellar. Built in 2019, the property is part of The Corte Condominium, an 8-story mixed-use building consisting of 85 residential and 2 commercial units.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $11,250,000
- Square Footage: 10,142
- Price Per Square Foot: $1,109
- Buyer: Luminsun Holdings - Jing Wan
- Seller: CBSK Ironstate & Planet Partners
- Buyer's Representative: Steven Yi Qiao - Lin Pan Realty
- Seller's Representatives: Troy Allen & Alexis Yoo - Modern Spaces
The sale was noted for involving four existing tenants in the retail units. The transaction highlights the active real estate market in Long Island City, specifically within The Corte, which benefits from its location in a desirable neighborhood in Court Square.
Players
Long Island City Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.41%
Cash-on-Cash
-0.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93