Amerasia Bank pays $6.5M to buy its headquarters in Bayside

Amerasia Bank paid $6.5 million to Vision Enterprises Management through the entity Sheridan Ave. LLC for the office building (O7) at 214-01 Northern Boulevard in Bayside, Queens, it now occupies, and five parcels that make up a surface parking lot including the parking parcel (G7) at 43-25 214th Place, across the street from the bank building.
The deal closed on September 30, 2025 and was recorded on October 14, 2025. The six properties have 15,750 square feet of built space and 27,570 square feet of additional air rights for a total buildable of 43,250 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $412 and the price per buildable square foot is $150 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 Vision Enterprises Management was Leonard Zangas . The signatory for Amerasia Bank was Jimmy Tsai . The contract date was April 24, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Amerasia Bank purchased one property in one transaction for a total of $5.4 million and sold 11 properties in one transaction for a total of $6.9 million over the past 24 months.
The seller Vision Enterprises Management had not purchased any other properties and sold one property in one transaction for a total of $11.4 million over the same time period. Out of the six properties, one with a total of 15,750 square feet of built space generated revenue of $934,133 per year.

The property

The office building in Bayside has 15,750 square feet of built space and 27,570 square feet of additional air rights for a total buildable of 43,250 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 182 feet deep with a total lot size of 16,000 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $300 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the six buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Bayside, The bulk, or 42 percent of the 6.9 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Bayside has had very little sales volume relative to other neighborhoods with $87.9 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had -763,228 square feet of commercial and multi-family construction under development in the last two years, which represents -11.13 percent of the neighborhood’s built space.

The block

On the tax block of 214-01 Northern Boulevard, PincusCo has identified the owners of three of the 10 commercial properties representing 27,140 square feet of the 56,315 square feet. The largest owner is Leonard Zangas, followed by Yun Yan Seo and then Mr. Tannenbaum.
On the tax block, there was one new building construction project filed totaling 5,484 square feet. It is a eight-unit, 5,484 square-foot residential (R-2) building submitted by Andy Bassaly with plans filed March 9, 2020 and it has not been permitted yet.

The majority, or 40 percent of the 56,315 square feet of built space are mixed-use buildings, with office buildings next occupying 38 percent of the space.

The seller

The PincusCo database currently indicates that Vision Enterprises Management owned at least three commercial properties in New York City with 153,313 square feet and a city-determined market value of $23.6 million. (Market value is typically about 50% of actual value.) The portfolio has $23.4 million in debt, borrowed from Vision Enterprises Management. Within the portfolio, the bulk, or 100 percent of the 153,313 square feet of built space are office properties, with industrial properties next occupying 0 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Amerasia Bank owned at least one commercial property in New York City with 5,700 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

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