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Lai Ho Chen of Fongtar Realty buys $1.9 Million of Air Rights from YMCA Greater New York

Lai Ho Chen of Fongtar Realty has paid $1.9 Million for Air Rights from YMCA Greater New York.

Cushman & Wakefield’s Stephen Preuss exclusively handled the all-cash sale of 40,000 buildable square feet of air rights at 32-37 Queens Boulevard. The property is located between 32nd Place and 33rd Street of Long Island City, Queens. The sale price equates to $1,900,000 or $47 per air right. YMCA of Greater New York, a community service organization providing educational and social programs, sold the air rights to Fongtar Realty Inc. for a the development of a neighboring property at 32-47 Queens Boulevard. Currently, the property is slated for hotel development. The hotel, with plans by architect Raymond Chan, will be comprised of 17 floors for approximately 80,000 building square feet with retail, community facility, and hotel space with below grade parking. Plans draw a total 154 rooms ranging from a king suite, queen suite, and ADA king suite. According to a press release from August of 2014, the hotel will be operated under the Wingate by Wyndham brand, according to Frank Chen, a director at Fongtar.

“After a protracted BSA approval process we were able to finalize the sale of the YMCA Long Island City’s branch air rights to their easterly neighbor located on the corner of 33rd Street and Queens Boulevard,” said Stephen Preuss. “The 40,000 square feet of air rights equates to approximately half of the YMCA’s available air rights but will prove to be critical for the buyer’s overall development plans for this soon to be flag hotel, with prime retail and community spaces.”