2-23 Borden Avenue & 2-24 51st Avenue were just sold to Brian Pun, whom with Chris Xu is developing the tallest building in Queens. The two adjacent lots in Long Island City, Queens, sold for $10,170,000 according public record and a press release from Marcus & Millichap who represented the seller.
Pun bought the properties from Arkady Sheynin the owner of Gold Seal Limousine, which had bought them for $2.7 million in July 2009. The properties were marketed for $12 million for 14,269 square feet of rentable space and 6,161 square feet of air rights. Justin Butts of D.Y. Realty represented Mr. Pun. and Wook Chung represented Mr. Sheynin
“[Gold Seal Limousine] was looking to downsize their business,” Chung told Commercial Observer, “The neighborhood value was up and it was a good time to sell.” Chung confirmed to the Observer that Pun intended to use the two-story building as an office space for his title insurance company Federal Standard Abstract and the one-story building as a garage.
Last December, Pun sold a commercial building at 49-18 Van Dam Street to Local 813 and Local 27 IBT Pension Fund for $20 million, is currently developing the CityView Tower in Court Square on 44th Drive between 11th and 21st Streets which will top out at 79 floors to be the tallest Queens building. That site is near Axel Stawski’s recent plans to build a 66 story tower.