Chen Ye pays $10M for mixed-use in Flushing

Chen Ye through the entity First Union Plaza LLC paid $10 million to Young Ho Pae through the entity First Union Realty LLC for the mixed-use building (K2) at 34-30 Union Street in Flushing, Queens. The expected use is cash flowing.
The deal closed on November 7, 2025 and was recorded on November 28, 2025. The property has 24,096 square feet of built space and 5,779 square feet of additional air rights for a total buildable of 29,879 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $415 and the price per buildable square foot is $334 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 Young Ho Pae was Young Ho Pae. The signatory for Chen Ye was Chen Ye. The contract date was May 16, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chen Ye had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Young Ho Pae had not purchased any other properties and had not sold any properties over the same time period. The 24,096-square-foot property generated revenue of $804,565 or $33 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Flushing has 24,096 square feet of built space and 5,779 square feet of additional air rights for a total buildable of 29,879 square feet according to a PincusCo analysis of city data. The parcel has frontage of 108 feet and is 104 feet deep with a total lot size of 12,296 square feet. The lot is irregular. 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 $3.9 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 $3,380 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 2.3 times the average sales volume among other neighborhoods with $696.1 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 3rd highest in Queens. It had 2.8 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.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 85,400 square feet of the 111,124 square feet. The two identified owners are A&E Real Estate Holdings and NYC Department of Education.
On the tax block, there were two new building construction projects totaling 20,787 square feet. The largest is a 10-unit, 11,338 square-foot residential (R-2) building submitted by Leroy Li with plans filed October 18, 2017 and permitted August 16, 2018. The second largest is a 10-unit, 9,449 square-foot residential (R-2) building submitted by Xiaofeng Zheng and filed by Xiaofeng Zheng with plans filed September 9, 2023 and it has not been permitted yet.

The majority, or 53 percent of the 111,124 square feet of built space are elevator buildings, with specialty buildings next occupying 24 percent of the space.

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