Chiu Hei Ng pays $2.3M for mixed-use in Flushing

Chiu Hei Ng through the entity C.F. Ng Realty LLC paid $2.3 million to James H. Yu and Brian D. Yu for the mixed-use building (K4) at 36-14 Union Street in Flushing, Queens. The expected use is cash flowing.
The deal closed on April 30, 2025 and was recorded on May 6, 2025. The property has 3,800 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $605 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 seller bought the property on February 3, 2012, for $1.4 million. The signatory for James H. Yu and Brian D. Yu was James H. Yu and Brian D. Yu. The signatory for Chiu Hei Ng was Chiu Hei Ng. The contract date was July 17, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chiu Hei Ng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller James H. Yu had not purchased any other properties and had not sold any properties over the same time period. The 3,800-square-foot property generated revenue of $198,018 or $52 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Flushing has 3,800 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 80 feet deep with a total lot size of 1,390 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $884,000.

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 not received any significant violations 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 2.5 times the average sales volume among other neighborhoods with $669.9 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 1.8 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 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 56 commercial properties representing 346,715 square feet of the 566,670 square feet. The largest owner is Ciampa Organization, followed by New York Police Department and then Xiaojun Pan.
On the tax block, there were two new building construction projects totaling 110,424 square feet. The largest is a 72,563 square-foot business (B) building submitted by Tian Ji Li with plans filed March 29, 2021 and it has not been permitted yet. The second largest is a seven-unit, 37,861 square-foot residential (R-2) building submitted by Zhao Jiang with plans filed January 12, 2017 and it has not been permitted yet.

The majority, or 34 percent of the 566,670 square feet of built space are elevator buildings, with mixed-use buildings next occupying 26 percent of the space.

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