ABCNY plans 34 units at once-bankrupt parcel in North Corona
39-14 114th Street (Credit - Kendrick Lam architect via DOB)
Moris Yeroshalmy, owner of ABCNY Inc. submitted a new building construction project for a 34-unit, 23,521 square-foot residential (R-2) building at 39-14 114th Street in North Corona, Queens. The plan was filed with the New York City Department of Buildings on February 12, 2025 under job number Q01179016. It calls for the construction of a seven-story building. The project is described in the filing as: new 7-story mix-use building. The architect is Lam & Lam Designs.
39-14 114th Street
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | 1 | COMMERCIAL PARKING GARAGE | Parking Garage | 14 | Storage | ||
| 2 | 1 | HEALTHCARE FACILITY | Ambulatory Health Facility | 6 | Business | ||
| 3 | 1 | RESIDENTIAL HALLWAY | Apartment | N/A | Residential | ||
| 4 | 2 | (6) SIX CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 6 | |
| 5 | 3 | (6) SIX CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 6 | |
| 6 | 4 | (6) SIX CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 6 | |
| 7 | 5 | (6) SIX CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 6 | |
| 8 | 6 | (6) SIX CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 6 | |
| 9 | 7 | (4) FOUR CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 4 | |
| 10 | 0 | RECREATION SPACE | Apartment | 11 | Residential |
The property
The three parcels that make up the site were the subject to two foreclosure filings in Queens in 2022, 713024/2022 and 709308/2022, and a bankruptcy filing in 2023 in the Eastern District of New York, 1-23-42787-nhl. The developer purchased it in June 2024 for $874,000 from the former lender.
The parcel has frontage of 45 feet and is 76 feet deep with a total lot size of 3,439 square feet. 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 $147,000. The most recent loan totaled 0.0 and was provided by Bo Knows Jy Lp on May 31, 2022.
Prior sales and revenue
This property was sold with another property for $874,000 on June 26, 2024.
Violations and lawsuits
According to city public data, the property has not received any significant violations in the last year.
The property was involved in two lawsuits and one bankruptcy over the past three years. The bankruptcy was filed on August 4, 2023, by Choy Ling Lam citing assets of $2.5 million.
The neighborhood
In North Corona, The bulk, or 29 percent of the 5.3 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 26 percent of the space. In sales, North Corona has near average sales volume among other neighborhoods with $71 million in sales volume in the last two years and is the 21st highest in Queens. For development, North Corona has near average amount of major developments among other neighborhoods and is the 17th highest in Queens. It had 385,960 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 three of the 20 commercial properties representing 1,900 square feet of the 144,556 square feet. The two identified owners are Choy Ling Lam and Moris Yeroshalmy. On the tax block, there were two new building construction projects totaling 66,553 square feet. The largest is a 26-unit, 43,032 square-foot hotel/dormitory/shelter (R-1) building submitted by King’s USA Group and filed by Choy Lam with plans filed February 1, 2018 and it has not been permitted yet. The second largest is a 34-unit, 23,521 square-foot residential (R-2) building submitted by ABCNY Inc. and filed by Moris Yerushalmi with plans filed February 12, 2025 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Choy Ling Lam owned at least four commercial properties with 13 residential units in New York City with 19,901 square feet and a city-determined market value of $4.2 million. (Market value is typically about 50% of actual value.) The portfolio has $68.1 million in debt, with top three lenders as Benefit Street Partners, Midfirst Bank, and Hirshmark Capital respectively. Within the portfolio, the bulk, or 100 percent of the 19,901 square feet of built space are elevator properties, with specialty properties next occupying 0 percent of the space. They are all located in Brooklyn.
The surrounding
This is the first commercial real estate event of interest identified within the 400-foot radius of 39-14 114 Street in the past 24 months.
Direct link to the property’s ACRIS page and link to DOB NOW portal.