Amy Kit-Ming Mak signs $27.5M construction loan with Preferred for funeral home in Flushing
134-19 Northern Boulevard axonometric diagram (Credit - Edwin Tang architect via DOB)
Amy Kit-Ming Mak of the Fook Funeral Group through the entity Fortune 23 Realty LLC as borrower signed a new construction loan with lender Preferred Bank for $27.5 million for a funeral home development site that is now two mixed-use properties including the mixed-use building (K2) at 134-19 Northern Boulevard in Flushing, Queens.
On these lots, there is one active major alteration construction project, Q01175010, for a 55,252 square-foot funeral home building with one residential unit. The project was submitted by Amy Kit Ming Mak with plans filed February 13, 2025 and it has not been permitted yet.
The deal closed on April 22, 2026 and was recorded on April 27, 2026. The prior lender was Preferred Bank which held debt that had an original loan amount of $5.2 million. The loan price per planned development square foot is $1,802 and the price per buildable square foot is $1,582 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 Amy Kit-Ming Mak was Amy Kit Ming Mak. The signatory for Preferred Bank was Kevin Chai .
134-19 Northern Boulevard
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | acris | 04/29/2026 12:46 PM | acris | 04/29/2026 12:46 PM | Cellar | OFFICES, CONFERENCE ROOM, EMPLOYEE LOUNGE & UTILITY ROOMS ACCESSORY TO FUNERAL ESTABLISHMENT | Business and Service | 29 | Business | ||
| 2 | acris | 04/29/2026 12:46 PM | acris | 04/29/2026 12:46 PM | Open Space | (19) NEW ACCESSORY OPEN PARKING SPACES | Parking Garage | 48 | Storage | ||
| 3 | acris | 04/29/2026 12:46 PM | acris | 04/29/2026 12:46 PM | 1 | (1) CHAPEL, LOBBY | Funeral Parlor | 112 | Assembly | ||
| 4 | acris | 04/29/2026 12:46 PM | acris | 04/29/2026 12:46 PM | 1 | STREET LOBBY | Places of Religious Worship | N/A | Assembly | ||
| 5 | acris | 04/29/2026 12:46 PM | acris | 04/29/2026 12:46 PM | 2 | (3) CHAPELS, GREAT HALL WAITING AREA, SHOWROOM, OFFICES & STORAGE | Funeral Parlor | 258 | Assembly | ||
| 6 | acris | 04/29/2026 12:46 PM | acris | 04/29/2026 12:46 PM | 3 | AUDITORIUM ACCESSORY TO THE PLACE OF WORSHIP | Places of Religious Worship | 371 | Assembly | ||
| 7 | acris | 04/29/2026 12:46 PM | acris | 04/29/2026 12:46 PM | 4 | BANQUET HALL ACCESSORY TO THE PLACE OF WORSHIP | Banquet | 252 | Assembly | ||
| 8 | acris | 04/29/2026 12:46 PM | acris | 04/29/2026 12:46 PM | 5 | ACCESSORY CARETAKER'S UNIT PER ZR 12-10 (MAX. 1,200 ZONING SF) | One-Family Dwelling | N/A | Residential | ||
| 9 | acris | 04/29/2026 12:46 PM | acris | 04/29/2026 12:46 PM | 5 | OPEN OFFICE ACCESSORY TO THE PLACE OF WORSHIP | Business and Service | 45 | Business | ||
| 10 | acris | 04/29/2026 12:46 PM | acris | 04/29/2026 12:46 PM | 6 | OFFICES, MULTI-PURPOSE ROOM ACCESSORY TO THE PLACE OF WORSHIP | Business and Service | 59 | Business | ||
| 11 | acris | 04/29/2026 12:46 PM | acris | 04/29/2026 12:46 PM | Roof | ELEVATOR CONTROL ROOM, MECHANICAL ROOM. ACCESSORY ROOF TERRACE | Not Applicable | 38 | Not Applicable |
Prior sales, articles and revenue
The two properties with a total of 15,260 square feet of built space generated revenue of $448,644 per year or $29 per square foot.
The property
The mixed-use building in Flushing has 15,260 square feet of built space and 2,085 square feet of additional air rights for a total buildable of 17,375 square feet according to a PincusCo analysis of city data. The parcel has frontage of 123 feet and is 125 feet deep with a total lot size of 17,375 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.7 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 one DOB violation, $2,500 in ECB penalties, and $2,500 in OATH penalties in the last year.
The neighborhood
In Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.2 times the average sales volume among other neighborhoods with $745.7 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3 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 the tax block of 134-19 Northern Boulevard, PincusCo has identified the owners of 14 of the 42 commercial properties representing 166,052 square feet of the 424,279 square feet. The largest owner is Yi Hua Chen, followed by May Kit Ming Mak and then Victor Peng.
On the tax block, there were two new building construction projects totaling 15,657 square feet. The largest is a 9,005 square-foot 74 building submitted by Tony Xiao and filed by Tony Xiao with plans filed June 16, 2023 and permitted December 4, 2023. The second largest is a 6,652 square-foot industrial (F-2) building submitted by Tony Xiao with plans filed June 25, 2019 and it has not been permitted yet.
The majority, or 83 percent of the 424,279 square feet of built space are industrial buildings, with office buildings next occupying 6 percent of the space.
The borrower
The PincusCo database currently indicates that Amy Kit-Ming Mak owned at least two commercial properties in New York City with 28,951 square feet and a PincusCo-determined asset value of $24.9 million. The portfolio has $10.2 million in debt, borrowed from Preferred Bank. Within the portfolio, the bulk, or 52 percent of the 28,951 square feet of built space are mixed-use properties, with M9 properties next occupying 47 percent of the space.
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