FSA Capital buys two properties in Flushing for $14.2M, 102-units planned

FSA Capital through the entity Cpbspe LLC paid $14.2 million to Wilson Ko through the entity 99 College Point, LLC for mixed-use building (K1) at 36-27 to 36-51 College Point Boulevard in Flushing, Queens and industrial building (G7) at 133-17 37th Avenue in Flushing, Queens.

Benjamin Clyburn of FSA Capital submitted a new building construction project for a 102-unit, 171,713-square-foot mixed-use building at 133-09 37th Avenue in Flushing, Queens. The plan was filed on September 22, 2022. It calls for the construction of a 17-story building and was filed with the New York City Department of Buildings under job number Q00783360.

The deal closed on October 20, 2022 and was recorded on November 4, 2022. The two properties have 26,427 square feet of built space and 46,100 square feet of additional air rights for a total buildable of 72,465 square feet according to PincusCo analysis of city data. The sale price per built square foot is $536 and the price per buildable square foot is $195 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 Wilson Ko was Wilson Ko. The signatory for FSA Capital was Brian Pun.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 36-27/51 College Point Blvd.

Prior sales and revenue

The seller Wilson Ko had not purchased any other properties and had not sold any properties over the same time period.

The property

The 36-27 to 36-51 College Point Boulevard parcel has frontage of 242 feet and is 113 feet deep with a total lot size of 24,221 square feet. The lot is irregular. The zoning is C4-2 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 $3.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received one DOB violation and $150 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 102-unit, 171,713 square-foot building. The project was developed by Benjamin Clyburn of FSA Capital with plans filed September 22, 2022 and it has not been permitted yet.

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 1.7 times the average sales volume among other neighborhoods with $595.5 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has 2.9 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 36-27/51 College Point Blvd, PincusCo has identified the owners of eight of the 13 commercial properties representing 145,206 square feet of the 205,737 square feet. The largest owner is Ricky Liang, followed by Lan Chen Pee and then Zhongyin Lyu.
On the tax block, there were five new building construction projects totaling 703,275 square feet. The largest is a 506-unit, 204,123-square-foot R-1 building developed by Junda Chen with plans filed August 7, 2018 and it has not been permitted yet.The second largest is a 102-unit, 171,713-square-foot None building developed by Benjamin Clyburn with plans filed September 22, 2022 and it has not been permitted yet.

The majority, or 60 percent of the 138,575 square feet of built space are industrial buildings, with mixed-use buildings next occupying 19 percent of the space.

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