David Sutton pays $10M for retail, office building in Flushing

David Sutton through the entity 136-81 Roosevelt Realty LLC paid $10 million to Joseph Lo and Alexander Chu through the entity Roosevelt Realty Development Corp for the retail and office building (O2) at 136-81 Roosevelt Avenue in Flushing, Queens. The expected use is cash flowing.
The deal closed on September 9, 2025 and was recorded on September 17, 2025. The property has 8,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,176 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 Joseph Lo and Alexander Chu was Joseph Lo. The signatory for David Sutton was David Sutton . The contract date was June 13, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Lo had not purchased any other properties and had not sold any properties over the same time period. The 8,500-square-foot property generated revenue of $439,450 or $52 per square foot, according to the most recent income and expense figures.

The property

The office building in Flushing has 8,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. 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 $2.1 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 2.2 times the average sales volume among other neighborhoods with $635.6 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.4 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2 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. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 34 commercial properties representing 129,517 square feet of the 445,350 square feet. The largest owner is Pi Capital Partners, followed by Uikun Lee and then Premier Equities.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 445,350 square feet of built space are retail buildings, with office buildings next occupying 38 percent of the space.

The seller

The PincusCo database currently indicates that Alexander Chu owned at least one commercial property in New York City with 43,942 square feet and a city-determined market value of $29.8 million. (Market value is typically about 50% of actual value.) The portfolio has $24 million in debt, borrowed from Morgan Stanley. The portfolio consists of at least a single retail property. It is located in Manhattan.

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