Affiliate of national food wholesaler files plans for 121-unit project in Flushing

Kingston Shih, at the New Jersey address of Joong Gab Kwon’s Seoul Trading USA, submitted a new building construction project for a 121-unit, 142,279 square-foot residential (R-2) building at 141-46 Northern Boulevard in Flushing, Queens. The plan was filed with the New York City Department of Buildings on November 3, 2022 under job number Q00738212. It calls for the construction of a 15-story building. The project is described in the filing as: proposed 15-story mixed-use building. The architect is Angelo Ng & Anthony Ng Architects.

The property

The exiting retail building in Flushing has 6,970 square feet of built space and 131,439 square feet of additional air rights for a total buildable of 138,267 square feet according to a PincusCo analysis of city data. No demolition permit has been filed. The 141-36 Northern Boulevard parcel has frontage of 201 feet and is 205 feet deep with a total lot size of 56,900 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 $3.3 million.

Prior sales and revenue

The 6,970-square-foot property generated revenue of $390,791 or $56 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

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 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 13 commercial properties representing 25,694 square feet of the 313,000 square feet. The identified owner is Yin Chon Hu. On the tax block, there was one new building construction project filed totaling 142,279 square feet. It is a 121-unit, 142,279 square-foot residential (R-2) building developed by Joong Gab Kwon and submitted by Kingston Shih with plans filed November 3, 2022 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 141-36 Northern Boulevard, Pincusco identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, one was in new building development. It was a new building permit issued on July 16, 2021 for a 213,270-square-foot R-2 building with 132 residential units at 144-49 Northern Boulevard. Of those four items, three were loans above $5 million totaling $36 million. The most recent of the three was ZL Capital which borrowed $13.5 million from BuildX secured by the 14,200-square-foot, two-unit office building (O5) on 141-57 Northern Boulevard on August 23, 2022.

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