The site of Bellevue Rare Coins in downtown Bellevue sold last week at a record price of $808 per square foot.The 6,250 square foot property at 10541 N.E. Fourth St. was purchased by Can105 Development LLC for $5 million.
Two months ago, another downtown property that houses Mexican restaurant Las Margaritas, sold for what was then deemed a record value of $31 million. Both sites would be eligible for high-rise development under the zoning of the area.
According to a story in the Puget Sound Business Journal, it’s unclear what the buyer, listed on a public document as Paul Hsiang Chun Chang, plans to do with the Bellevue Rare Coins property. However, Bob Bencze, the real estate broker who helped him buy the site, said Chang is a Puget Sound-area resident who’s a “land buyer and future possible developer.”
Chang owns a quarter acre to the south of Bellevue Rare Coins.
The sale price is a significant increase over King County’s last appraisal of the lot at $1.44 million and far exceeds what the owners paid for the property. In 2004, Mohammed and Zeenat Miraly of Mercer Island paid just $1.5 million for the site, according to public records.
