Feng Jin Wang pays $6.5M for 3-parcel dev site in Flushing, adjacent to Wang’s 42-unit project

Feng Jin Wang through the entity East West Mansion LLC paid $6.5 million to Cheong Kwok Ho and Mee Mee Ho in three separate transactions for three adjacent parcels in Flushing, Queens that have 18,466 square feet of development rights combined, according to a PincusCo analysis of property records. Feng Jin Wang filed a new building plan for a 42-unit development adjacent to this new acquisition.

In the first transaction, Feng Jin Wang through the entity East West Mansion LLC paid $2.3 million to Cheong Kwok Ho and Mee Mee Ho through the entity Ho, Kwok Cheong for two-unit 1-4 family building (B1) at 132-19 Pople Avenue in Flushing, Queens.
The deal closed on July 20, 2022 and was recorded on August 9, 2022. The property has 1,920 square feet of built space and 3,915 square feet of additional air rights for a total buildable of 5,836 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,172 and the price per buildable square foot is $385 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 Feng Jin Wang was Feng Jin Wang.

In the second transaction, Feng Jin Wang through the entity East West Mansion LLC paid $2.3 million to Cheong Kwok Ho and Mee Mee Ho through the entity Ho, Kwok Cheong for two-unit 1-4 family building (B1) at 132-17 Pople Avenue in Flushing, Queens.

In the third transaction, Feng Jin Wang through the entity East West Mansion LLC paid $2 million to Cheong Kwok Ho and Mee Mee Ho through the entity Ho, Kwok Cheong for two-unit 1-4 family building (B1) at 132-15 Pople Avenue in Flushing, Queens.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Feng Jin Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Cheong Kwok Ho had not purchased any other properties and had not sold any properties over the same time period.

The property

The 132-19 Pople Avenue parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,402 square feet. 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 $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $600 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 6,060 square feet of the 122,185 square feet. The two identified owners are Gat Lee and Feng Jin Wang.
There are four active new building construction projects totaling 60,468 square feet. The largest is a 42-unit, 37,654-square-foot R-2 building developed by Feng Jin Wang with plans filed April 20, 2020 and permitted August 18, 2021. The second largest is an eight-unit, 9,492-square-foot R-2 building developed by Ya Fa Li with plans filed September 27, 2016 and permitted August 28, 2017.

the majority, or 66 percent of the 118,565 square feet of built space are elevator buildings, with walkup buildings next occupying 34 percent of the space.

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