June 29, 2016 By Jackie Strawbridge
Two small Hunters Point properties containing a two-story mixed use office building and a one-story garage were scooped up for $10 million earlier this month, according to the agent who brokered the deal.
Brian Pun bought 2-23 Borden Ave. and 2-24 51st Ave., according to broker Wook Chung of Marcus and Millichap. Pun is not new to Long Island City real estate; he is involved in United Construction and Development Group’s CityView Tower project on 44th Drive, which stands to become the tallest building in Queens.
The properties are next door to the Foundry condominium and across the street from the PowerHouse condominium, and a quick walk to Hunters Point South Park and the waterfront.
According to marketing information for the properties, the zoning allows for residential, commercial and community facility uses, and together they come with 20,430 buildable square feet as-of-right.
Nevertheless, Chung stated that Pun does not intend to build on the sites at this time but instead plans to use the existing buildings for his business. Pun is president of Federal Standard Abstract, Inc.
“Based on the price point at what he bought it at, it doesn’t make sense to develop,” he said. “He bought the property for the purpose of using the building the way it is.”
Chung pitched the property to developers and thought the $10 million price was very reasonable.
“When I was marketing the property the majority of the buyers were laughing at that price, that I would never get it. But we got it,” he said. “When the neighborhood gets transformed and everything is all said and done [referring to incoming Hunters Point development], that’s going to look very cheap… after five, 10 years, that area’s going to have significant appreciation.”
The property seller was Gold Seal Limousine, according to Chung.
Pun could not be reached for comment on this story.