Flushing retail sells for $7.3M

Amy Kit-Ming Mak through the entity Fortune 23 Realty LLC paid $7.3 million to Stuart Schneiderman and Seymour Schneiderman through the entity 134-21 Northern Boulevard Corp. for the retail building (K2) at 134-19 Northern Boulevard in Flushing, Queens.
The deal closed on January 31, 2023 and was recorded on February 8, 2023. The property has 15,260 square feet of built space and 2,085 square feet of additional air rights for a total buildable of 17,375 square feet according to PincusCo analysis of city data. The sale price per built square foot is $478 and the price per buildable square foot is $420 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 Stuart Schneiderman and Seymour Schneiderman was Stuart Schneiderman. The signatory for Amy Kit-Ming Mak was an attorney, James W. Lee. Amy Kit-Ming Mak is an owner of other properties recorded at the 36 Mulberry address.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Amy Kit-Ming Mak purchased one property in one transaction for a total of $5.5 million and has no record it sold any properties over the past 24 months.
The seller Stuart Schneiderman had not purchased any other properties and had not sold any properties over the same time period. The 15,260-square-foot property generated revenue of $526,873 or $35 per square foot, according to the most recent income and expense figures.

The property

The 134-19 Northern Boulevard parcel has frontage of 123 feet and is 125 feet deep with a total lot size of 17,375 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 $2.3 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 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 $5 million on this tax lot.

The neighborhood

In Flushing, the bulk, or 45 percent of the 37.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 1.9 times the average sales volume among other neighborhoods with $646.1 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has 2.6 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 174 commercial properties representing 106,088 square feet of the 485,498 square feet. The largest owner is Victor Ping, followed by Victor Peng and then Robert Mannheimer.
On the tax block, there were two new building construction projects totaling 16,249 square feet. The largest is a 9,597-square-foot building developed by Ivy Lueng with plans filed November 21, 2014 and permitted December 7, 2017. The second largest is a 6,652-square-foot F-2 building developed by Tony Xiao with plans filed June 25, 2019 and it has not been permitted yet.

The majority, or 83 percent of the 424,279 square feet of built space are industrial buildings, with office buildings next occupying 6 percent of the space.

The buyer

The PincusCo database currently indicates that Amy Kit-Ming Mak owned at least two commercial properties in New York City with 17,191 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Preferred Bank. Within the portfolio, the bulk, or 80 percent of the 17,191 square feet of built space are M9 properties, with mixed-use properties next occupying 20 percent of the space. The bulk, or 80 percent of the built space, is in Queens, with Manhattan next at 20 percent of the space.

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