$13M condo project with 10 units submitted in Murray Hill, Queens

Zhou Xu as a principal of the sponsor FHP Management LLC, submitted a plan to create 10 residential units and 2 commercial units in a building at 150-15 Barclay Avenue in Murray Hill, Queens, called Barclay I Tower that has a $13.1 million sellout, according to an September 19, 2022, submission to the New York State Attorney General.

Meiyun Chen submitted a new building construction project for a 10-unit, 19,291 square-foot R-2 building at 150-15 Barclay Avenue. The plan was filed on April 12, 2021. It calls for the construction of a 40-foot-tall, four-story building and was filed with the New York City Department of Buildings under job number Q00499931. The architect is Tan Architect P.C. The project is described in the filing as: proposed a four-story mixed-used building.

The 150-15 Barclay Avenue parcel has frontage of 50 feet and is 125 feet deep with a total lot size of 6,250 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $539,000.

According to city public data, the property has received $3,125 in ECB penalties and $3,225 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing zero square feet of the 21,887 square feet. The two identified owners are Terence T. Cheng and LIRR. On the tax block, there were three new building construction projects totaling 59,775 square feet. The largest is a 21-unit, 25,510 square-foot R-2 building developed by Michael Cheng with plans filed May 17, 2019 and permitted March 10, 2021. The second largest is a 14,974 square-foot B building developed by Yong Lee with plans filed August 21, 2015 and permitted August 28, 2017.

Within a 400-foot radius of 150-15 Barclay Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, one was in new building development. It was a new building permit issued on March 10, 2021 for a 25,510-square-foot R-2 building with 21 residential units at 150-23 Barclay Avenue. One of those two items was a loan which Terence T. Cheng borrowed $9.7 million from Cathay Bank secured by the 0-square-foot development site (V1) on 41-28 Murray Street and one other property on October 28, 2021.

Direct link to the property’s ACRIS page and link to DOB NOW portal.