Anthony Petruso pays $4.5M for two residential walkup properties in Flushing

Anthony Petruso through the entity 189-16 35 Avenue LLC paid $4.5 million to Kwok-Keung Cheung through the entity N. M. G. Corp. for the eight-unit residential walkup building (C1) at 147-18 Barclay Avenue in Flushing, Queens and eight-unit residential walkup building (C1) at 147-20 Barclay Avenue in Flushing, Queens.
The deal closed on December 30, 2022 and was recorded on January 9, 2023. The two properties have 11,264 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $403 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 Kwok-Keung Cheung was Cindy Cheung. The signatory for Anthony Petruso was Anthony Petruso.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 147-18 Barclay Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Anthony Petruso had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kwok-Keung Cheung 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 Roger Cheung, head officer and Cecil Chan, officer. The business entities are Dh Realty and N.M.G. Corp.

The property

The 147-18 Barclay Avenue parcel has frontage of 30 feet and is 128 feet deep with a total lot size of 3,856 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 $724,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 $5 million on this tax lot.

The block

On the tax block of 147-18 Barclay Avenue, PincusCo has identified the owners of one of the five commercial properties representing 12,800 square feet of the 157,364 square feet. The identified owner is Lam Hak Tung.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 157,364 square feet of built space are elevator buildings, with walkup buildings next occupying 7 percent of the space.

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