Chang Biao Zheng pays $4.5M for 32-unit dev site in Flushing

Chang Biao Zheng through the entity Danny Family LLC paid $4.5 million to Shalom Zirkiev through the entity Lm Re 1 LLC for the industrial building (G1) at 141-10 32nd Avenue in Flushing, Queens and industrial building (G1) at 141-12 32nd Avenue in Flushing, Queens. The expected use is ground up development.

On these lots, there is one active new building construction project, Q00769923, for a 32-unit, 36,252 square-foot R-2 building. The project was submitted by Shalom Zirkiev with plans filed July 12, 2022 and it has not been permitted yet. In updated DOB plans, the individual Yanjuan Chen is identified as the owner, taking over these development plans.

The sale closed on April 13, 2026 and was recorded on April 24, 2026. The two properties have 4,800 square feet of built space and 23,308 square feet of additional air rights for a total buildable of 28,080 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $937 and the price per buildable square foot is $160 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 Shalom Zirkiev was Shalom Zirkiev. The signatory for Chang Biao Zheng was Chang Biao Zheng. The contract date was November 19, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Chang Biao Zheng purchased three properties in one transaction for a total of $4.6 million and has no record it sold any properties over the past 24 months.
The seller Shalom Zirkiev had not purchased any other properties and sold one property in one transaction for a total of $1.8 million over the same time period.

The property

The industrial properties in Flushing have 4,800 square feet of built space and 23,308 square feet of additional air rights for a total buildable of 28,080 square feet according to a PincusCo analysis of city data. The lot is irregular. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $246,000.

Transaction Participants

Xue Huang participated in the transaction on behalf of the buyer.

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 not received any significant violations 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 2.1 times the average sales volume among other neighborhoods with $741.2 million in sales volume in the last two years and is the 3rd 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 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. There were 70 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 141-10 32nd Avenue, PincusCo has identified the owners of four of the 19 commercial properties representing 51,303 square feet of the 101,728 square feet. The largest owner is Ciampa Organization, followed by Sanghee Bae and then John Chang.
On the tax block, there was one new building construction project filed totaling 36,252 square feet. It is a 32-unit, 36,252 square-foot residential (R-2) building submitted by Shalom Zirkiev with plans filed July 12, 2022 and it has not been permitted yet.

The majority, or 35 percent of the 101,728 square feet of built space are elevator buildings, with walkup buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Chang Biao Zheng owned at least five commercial properties with 37 residential units in New York City with 59,540 square feet and a PincusCo-determined asset value of $17.5 million. The portfolio has $11.6 million in debt, borrowed from Ponce Bank. Within the portfolio, the bulk, or 64 percent of the 59,540 square feet of built space are elevator properties, with hotel properties next occupying 35 percent of the space.

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