Bifen Liu pays $6.8M for retail in Flushing

Bifen Liu through the entity Sunrise USA 168 LLC paid $6.8 million to Shirley Hsiao Hsueh Yao and Shu Ming Huang through the entity 41-12 Main Street LLC for the retail building (K2) at 41-12 Main Street in Flushing, Queens. The expected use is cash flowing.
The deal closed on September 20, 2024 and was recorded on September 30, 2024. The property has 3,499 square feet of built space and 1,050 square feet of additional air rights for a total buildable of 4,556 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,929 and the price per buildable square foot is $1,481 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 Shirley Hsiao Hsueh Yao and Shu Ming Huang was Shirley Hsiao Hsueh Yao. The signatory for Bifen Liu was Bifen Liu. The contract date was June 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bifen Liu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shirley Hsiao Hsueh Yao had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Flushing has 3,499 square feet of built space and 1,050 square feet of additional air rights for a total buildable of 4,556 square feet according to a PincusCo analysis of city data. The parcel has frontage of 15 feet and is 125 feet deep with a total lot size of 1,875 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 million.

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 received $150 in OATH penalties 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 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 3.2 times the average sales volume among other neighborhoods with $800.6 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 1.9 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 32 commercial properties representing 9,696 square feet of the 178,702 square feet. The two identified owners are Jin Ping Zhu and Joseph Vitulli.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 178,702 square feet of built space are mixed-use buildings, with office buildings next occupying 30 percent of the space.

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