American Chengyi acquires 13 units at Myint Kyaw’s bankrupt Flushing condo valued at $13.5M

American Chengyi Investment Management Group through the entity EC Victoria, LLC acquired 13 condominium units at Myint Kyaw’s bankrupt Victoria Towers Development Corp. project at 133-38 Sanford Avenue in Flushing, Queens valued at $13.5 million.
The deal closed on October 31, 2022 and was recorded on February 23, 2023. The 13 properties have 14,616 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $923 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 Myint Kyaw was Myint J. Kyaw. The signatory for American Chengyi Investment Management Group was Elizabeth Chen. The condominium units were subject to a bankruptcy filing, Victoria Towers Development Corp. case no. 20-73303. Myint Kyaw also goes by the name Jeffrey Wu.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer American Chengyi Investment Management Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Myint J. Kyaw had not purchased any other properties and had not sold any properties over the same time period.

The property

The property has a 421a exemption that started in 2010 and expires in 2025.

Development

For the tax lot buildings, one out of the 13 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 $5 million on this tax lot.

The block

On the tax block of 133-38 Sanford Avenue, PincusCo has identified the owners of two of the 19 commercial properties representing 24,000 square feet of the 375,790 square feet. The two identified owners are Anna Lo and Jeffrey Wu.
On the tax block, there were two new building construction projects totaling 455,366 square feet. The largest is a 45-unit, 338,165-square-foot R-2 building developed by Yang Gui with plans filed January 31, 2014 and it has not been permitted yet. The second largest is a 56-unit, 117,201-square-foot R-2 building developed by Elizabeth Chen with plans filed April 14, 2021 and it has not been permitted yet.

The majority, or 63 percent of the 339,912 square feet of built space are elevator buildings, with retail buildings next occupying 33 percent of the space.

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