Cai Yu Chen submits $44.6M condo plan in Flushing

Cai Yu Chen as manager submitted plans for a condominium building called Penrose Tower at 136-80 41st Avenue in Flushing, Queens, with 44 residential units, six commercial units and a parking unit with a total sellout of $44.6 million, according to the filing, submitted September 6, 2022 with the New York State Attorney General’s office. LINK

The identified members for the sponsorship, in addition to  Cai Yu Chen, are Zhen Shao Lin, Yuan Heng Ou, Yun Li Ou and Song Mei Xio.

The development is being financed with an $18 million loan from the Bank of Hope, with Cai Yu Chen as signatory.

Hui Chen of 136-78 LLC submitted a new building construction project for a 44-unit, 39,071-square-foot R-2 building at 136-80 41st Avenue. The plan was filed on December 7, 2017 and was permitted on August 3, 2021. It calls for the construction of a 75-foot-tall, eight-story building and was filed with the New York City Department of Buildings under job number 421580890.

The PincusCo database currently indicates that Cai Yu Chen owned at least two commercial properties in New York City with 6,126 square feet and a city-determined market value of $893,000. (Market value is typically about 50% of actual value.) The portfolio has $18 million in debt, borrowed from Bank of Hope. Within the portfolio, the bulk, or 83 percent of the 6,126 square feet of built space are mixed-use properties, with M2 properties next occupying 17 percent of the space. They are all located in Queens.

Within a 400-foot radius of 136-78 41 Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, one was in new building development. It was a new building permit application filed on April 25, 2022 for a 40,952-square-foot R-2 building with 48 residential units at 138-25 Barclay Avenue. Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on April 20, 2021 for the $1.6 million renovation of 13,989-square-foot B building with one residential units at 41-23 Union Street.

Direct link to the property’s ACRIS page and link to DOB NOW portal.