Elmhurst Retail Property Sells for $4M to Li Lan Wu
Li Lan Wu purchases a 4,700 SF retail property in Elmhurst for $4M from Xiu Qin Shi.
Li Lan Wu has acquired a retail property in Elmhurst for 4M from Xiu Qin Shi. The property, located at 86-22 Broadway, spans 4,700 SF and was sold at a price of 851 per square foot. The property is zoned R7A, C1-2.
The property was last sold in 2013 for $1.1M, indicating a significant increase in value over the past eight years. The property’s location in Elmhurst, a neighborhood in Queens, may have contributed to its increased value. Elmhurst has seen significant development in recent years, with new residential and commercial properties being built in the area.
The buyer, Li Lan Wu, is a relatively unknown entity in the commercial real estate world. It is unclear what their plans are for the property, but given its location and high price per square foot, it is likely that they see potential for growth in the area.
The seller, Xiu Qin Shi, is also not well-known in the commercial real estate world. It is unclear why they decided to sell the property at this time, but the significant increase in value since their purchase in 2013 may have been a motivating factor.
The brokers involved in the deal have not been disclosed. However, given the high price per square foot and the location of the property, it is likely that the brokers involved were experienced in the Elmhurst market and were able to negotiate a favorable deal for both the buyer and seller.