Chang Biao Zheng pays $4.6M for dev site in Flushing

Chang Biao Zheng through the entity Quality Living Realty LLC paid $4.6 million to John Hon and Julie Hon through the entity Elmhurst Avenue Medical Associates for the mixed-use building (K4) at 132-07 41st Road and adjacent vacant lots at 132-03 and 132-05 41st Road in Flushing, Queens. The expected use is ground up development.
The deal closed on May 29, 2005 and was recorded on June 10, 2025. The three properties have 1,784 square feet of built space and 9,241 square feet of additional air rights for a total buildable of 11,020 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,578 and the price per buildable square foot is $417 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 John Hon and Julie Hon was John Hon and Julie Hon. The signatory for Chang Biao Zheng was Chang Biao Zheng. The contract date was February 12, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chang Biao Zheng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John Hon had not purchased any other properties and had not sold any properties over the same time period.

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 $1,630 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project, 421515612, for a eight-unit, 9,212 square-foot R-2 building. The project was submitted by Li Liang Xi with plans filed June 21, 2017 and it has not been permitted yet.

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 2.5 times the average sales volume among other neighborhoods with $678.4 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 1.7 times the average amount of major developments relative to other neighborhoods and is the 2nd 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 5 percent of the neighborhood’s built space.

The block

On the tax block of 132-07 41st Road, PincusCo has identified the owners of seven of the 18 commercial properties representing 32,530 square feet of the 106,117 square feet. The largest owner is Xiang Yu Cao, followed by Tianxu Lou and then Houjian Xu.
On the tax block, there were four new building construction projects totaling 46,262 square feet. The largest is a 10-unit, 13,232 square-foot residential (R-2) building submitted by Kuo Ching Hsu with plans filed June 7, 2019 and permitted April 28, 2025. The second largest is a 10-unit, 13,232 square-foot residential (R-2) building submitted by Ronald Chien with plans filed August 10, 2020 and permitted June 10, 2022.

The majority, or 58 percent of the 106,117 square feet of built space are elevator buildings, with mixed-use buildings next occupying 23 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 city-determined market value of $9.1 million. (Market value is typically about 50% of actual value.) The portfolio has $11.6 million in debt, borrowed from Ponce Bank. Within the portfolio, the bulk, or 65 percent of the 59,540 square feet of built space are elevator properties, with hotel properties next occupying 35 percent of the space. They are all located in Queens.

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