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Luminsun Holdings Purchases Retail Units At The Corte In Long Island City For $11.25M

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SOLD
$11,250,000

New York

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Retail10,142 SF
Sold 12/04/2025
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Property Image
SOLD

Luminsun Holdings Purchases Retail Units At The Corte In Long Island City For $11.25M

21 30 44th Drive

See Similar Deals
Retail10,142 SF
Sold 12/04/2025
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Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$1,109
Total Square Footage:10,142 SF
Transaction Type:Sale

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

Steven Yi Qiao
2 deals$3.7M volume(631) 702-0692
BROKER

Details

SOLD
IMAGE: Troy Allen, Alexis Yoo & Steven Yi Qiao DATE: 12/4/2025 ADDRESS: 21-30 44th Drive MARKET: Long Island City ASSET TYPE: Retail BUYER: Luminsun Holdings - Jing Wan SELLER: CBSK Ironstate & Planet Partners BUYER'S REP: Steven Yi Qiao (@StevennyRE) - Lin Pan Realty SELLER'S REP: Troy Allen (@TroyModernSpacesNYC) & Alexis Yoo (@AlexYoo_NYC) - Modern Spaces (@ModernSpaces) SALE PRICE: $11,250,000 SF: 10,142 ~ PPSF: $1,109 NOTE FROM SELLER'S REP: Sale of two retail commercial condo units with four tenants at The Corte Condominium. Total size: 10,142sf retail w/ 6,090sf cellar. Built in 2019, The Corte is an 8-story mixed-use condo comprised of 85 residential and 2 commercial units in an exceptional neighborhood in Court Square, Long Island City.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$600,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$39,968.87
Cash-on-Cash Return-1.27%
Monthly Debt Service$53,330.74
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