Flushing Property Changes Hands for $23M in Bankruptcy Auction
By Nicholas Rizzi March 25, 2024 12:57 pm
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A Flushing, Queens, retail and commercial property sold for $23.1 million in a bankruptcy auction, the second time the building has changed hands that way, property records show.
Weizhen Chen, under the company Flushing Center Crossing, picked up 34-20 Linden Place from the limited liability company Linden Center in a deal that closed on Feb. 29 but hit public records Friday.
The sale was first reported by PincusCo.
The 67,197-square-foot property, which has an alternative address of 33-37 Farrington Street, is currently leased to a karaoke lounge, the Always Home Social Daycare facility and Cantonese restaurant Crown One, according to marketing materials for the bankruptcy auction.
The former owners of the property — Henry Lam, Rita Lam and Yong Chuo Guo — bought the building in 2017 for $20.5 million from Global Universal Group through a bankruptcy auction, public records show.
However, the new owner defaulted on its $16 million loan from Sioni Group early last year and filed for bankruptcy in May 2023, according to court records and PincusCo. Howard Konicov, of restructuring firm CFGI, was appointed as president of the company in control of the property and it was put up for auction in November, with marketing materials touting its potential to be redeveloped into a residential building, according to court records.
Chen could not be reached for comment and Konicov did not immediately respond to a request for comment. Northgate Real Estate Group’s Greg Corbin, who led the bankruptcy auction, did not respond to a request for comment.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
