Ding Liang Cao, Jason Cao pay $6M for industrial in Maspeth

Ding Liang Cao and Jason Cao through the entity Jd 51 Avenue LLC paid $6 million to Yongyut Limleartvate and Kittigron Lirpanaruk through the entity 8 Avenue Realty LLC for the industrial building (E9) at 71-15 51st Avenue in Maspeth, Queens.
The deal closed on January 29, 2026 and was recorded on February 25, 2026. The property has 20,400 square feet of built space and 416 square feet of additional air rights for a total buildable of 20,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $294 and the price per buildable square foot is $288 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 May 27, 2010, for $4 million. The signatory for Yongyut Limleartvate and Kittigron Lirpanaruk was Yongyut Limleartvate and Kittigron Lirpanaruk. The signatory for Ding Liang Cao and Jason Cao was Jason Cao. The contract date was September 22, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Ding Liang Cao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yongyut Limleartvate had not purchased any other properties and had not sold any properties over the same time period. The 20,400-square-foot property generated revenue of $520,072 or $25 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Maspeth has 20,400 square feet of built space and 416 square feet of additional air rights for a total buildable of 20,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 92 feet and is 206 feet deep with a total lot size of 20,800 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $3.3 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 $100 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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has near average sales volume among other neighborhoods with $311.2 million in sales volume in the last two years and is the 6th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 248,174 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 119 square feet of the 57,891 square feet. The identified owner is Salvatore Ingardia.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 57,891 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Yongyut Limleartvate owned at least three commercial properties with 12 residential units in New York City with 22,755 square feet and a city-determined market value of $5.9 million. (Market value is typically about 50% of actual value.) The portfolio has $14.1 million in debt, borrowed from Emerald Creek Capital and Spring Bank. Within the portfolio, the bulk, or 57 percent of the 22,755 square feet of built space are retail properties, with walkup properties next occupying 43 percent of the space. The bulk, or 57 percent of the built space, is in Manhattan, with Queens next at 43 percent of the space.

The buyer

The PincusCo database currently indicates that Ding Liang Cao owned at least one commercial property in New York City with 26,000 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio has $17.5 million in debt, borrowed from Hana Bank and Cathay Bank. The portfolio consists of at least a single industrial property. It is located in Queens.

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