Alexander Wong Jr. pays $2M for 62% stake in 11-unit walkup in Flushing
Alexander Wong Jr. paid $2 million to Sai-Pei Ting, Sai-Ping Ting, and Te-Ping Ma for a 62.5 percent stake in the 11-unit residential walkup building (C1) at 41-45 149th Street in Flushing, Queens. Christina Ting owns the remaining 37.5 percent stake in the property.
The deal closed on March 12, 2024 and was recorded on March 26, 2024. The property has 6,931 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $288 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Sai-Pei Ting, Sai-Ping Ting, and Te-Ping Ma was Sai-Pei Ting, Sai-Ping Ting, and Te-Ping Ma. The signatory for Alexander Wong Jr. and Christina Ting was Alexander Wong Jr.. The contract date was March 12, 2024. Wong is buying a 62.5% stake from the three former TIC owners. Sai-Pei Ting|Sai-Ping Ting|Te-Ping Ma.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Alexander Wong Jr. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sai-Pei Ting had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Christina Ting, head officer and Sai-Ping Ting, officer.
The property
The residential walkup building with 11 residential units in Flushing has 6,931 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 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 $857,000.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
There are no active new building construction projects on this tax block.
All properties are walkup.
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