Chuan Chan Cao pays $3.8M for retail in Flushing
Chuan Chan Cao through the entity 136 Dreamsville LLC paid $3.8 million to Swayne Shu through the entity Hon Shong Inc. for the retail building (K1) at 136-04 Booth Memorial Avenue in Flushing, Queens.
The deal closed on May 31, 2024 and was recorded on June 18, 2024. The property has 5,640 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $664 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 property
The parcel has frontage of 61 feet and is 98 feet deep with a total lot size of 6,336 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 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 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 2.8 times the average sales volume among other neighborhoods with $755.4 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 2.1 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.4 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 the tax block, there were two new building construction projects totaling 4,209 square feet. The largest is a two-unit, 3,889 square-foot residential (R-3) building submitted by Shijie Zhang with plans filed October 28, 2021 and permitted July 22, 2022. The second largest is a 320 square-foot utility and miscellaneous (U) building submitted by Shijie Zhang with plans filed April 15, 2022 and permitted July 22, 2022.
The majority, or 61 percent of the 14,319 square feet of built space are mixed-use buildings, with retail buildings next occupying 39 percent of the space.
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