Developer files $9.4M condo plan in Sunnyside

HFG Management, led by Hong Fei Gao, submitted a condominium plan to create 10 residential units and three commercial units in a building at 43-30 52nd Street in Sunnyside, Queens, called 52 Woodside Condominiumthat has a $9.4 million sellout, according to an October 18, 2022 submission to the New York State Attorney General. The principal of the sponsor, HFG Management LLC, was identified as Feifan Gao.

This is the third residential condo plan submitted in Sunnyside since 2018. The others were a 15-unit project at 50-08 39th Street and a 10-unit project at 52-16 Roosevelt Avenue.

On November 25, 2019, Hong Fei Gao submitted a new building construction project for a 10-unit, 11,348 square-foot residential (R-2) building at 43-30 52nd Street. The plan was permitted on August 12, 2021. It calls for the construction of a 55-foot tall, five-story building and was filed with the New York City Department of Buildings under job number 420666611.

The property

The 43-30 52nd Street parcel has frontage of 40 feet and is 96 feet deep with a total lot size of 3,816 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 $420,000.

Violations and lawsuits

According to city public data, the property has received $13,750 in ECB penalties and $14,050 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

The neighborhood

In Sunnyside, the bulk, or 31 percent of the 15.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has near average sales volume among other neighborhoods with $292.4 million in sales volume in the last two years and is the 6th highest in Queens. For development, Sunnyside has near average amount of major developments among other neighborhoods and is the 11th highest in Queens. It had 548,490 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 12 commercial properties representing 25,187 square feet of the 81,259 square feet. The two identified owners are Xiao Ke Tang and Shou An Li. On the tax block, there were four new building construction projects totaling 173,637 square feet. The largest is a 90-unit, 63,658 square-foot R-2 building developed by Peng Li with plans filed April 12, 2019 and it has not been permitted yet. The second largest is a 90-unit, 50,988 square-foot E building developed by Peng Li with plans filed April 12, 2019 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 43-30 52 Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months. Of those nine items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on April 13, 2022 for a 22,945-square-foot R-2 building with 27 residential units at 43-25 52nd Street. Of those nine items, two were sales above $5 million totaling $16.4 million. The most recent of the two was Ivan Turkalj which bought the 8,076-square-foot, 11-unit rental (C1) on 43-09 52nd Street for $6.7 million from Sotirios Econopouly on July 27, 2022. Of those nine items, five were loans above $5 million totaling $92.8 million. The most recent of the five was Xiao Jun Chen which borrowed $19 million from East West Bank secured by the 0-square-foot development site (V1) on 51-24 Roosevelt Avenue on August 9, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.