Sunlight Development files plans for 125-unit building in Flushing

Linzhong Zhuo of of Sunlight Development Group submitted a new building construction project for a 125-unit residential (R-2) building at 138-32 Northern Boulevard in Flushing, Queens. The plan was filed with the New York City Department of Buildings on October 29, 2022 under job number Q08026754. It calls for the construction of a 17-story building. The project is described in the filing as: proposed 17-story with cellar residential use new building, and obtain new certificate of occupancy.

The property

The 138-38 Northern Boulevard parcel has frontage of 184 feet and is 232 feet deep with a total lot size of 43,313 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $8.5 million. The most recent loan totaled $28 million and was provided by S3 Capital on October 14, 2022.

Prior sales and revenue

Diane Macari sold the property for $48 million to Sunlight Development on October 14, 2022.

The retail building in Flushing has 13,702 square feet of built space and 91,390 square feet of additional air rights for a total buildable of 105,250 square feet according to a PincusCo analysis of city data.

The 13,702-square-foot property generated revenue of $902,081 or $66 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $300 in OATH penalties in the last year.

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

The neighborhood

In Flushing, the bulk, or 45 percent of the 37.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has near average sales volume among other neighborhoods with $595.5 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has near average amount of major developments among other neighborhoods and is the 5th highest in Queens. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 69 commercial properties representing 79,224 square feet of the 264,428 square feet. The identified owner is Steven Frey. On the tax block, there were two new building construction projects totaling 13,832 square feet. The largest is a 125-unit, 7,879 square-foot R-2 building developed by Linzhong Zhuo with plans filed October 29, 2022 and it has not been permitted yet. The second largest is a 5,953 square-foot B building developed by Linzhong Zhuo with plans filed October 28, 2022 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 138-38 Northern Boulevard, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Steven Frey borrowed $15.3 million from New York Community Bank secured by the 79,224-square-foot, 87-unit rental (D1) on 36-20 Bowne Street on July 29, 2021.

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