FSA Capital files plans for 102-unit project in Flushing

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 architect is Hill West Architects. The project is described in the filing as: to erect new 17-story mixed-use building with accessory parking within.

The building is planned to have 71,589 square feet of residential space and 101,418 square feet of commercial space. The commercial will include retail on the ground floor, second and third, and office space on the second, third and fourth floors.

The 133-09 37th Avenue parcel has frontage of 242 feet and a total lot size of 29,828 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.

On this tax block, 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.

The PincusCo database currently indicates that FSA Capital owned at least three commercial properties in New York City with 28,747 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 90 percent of the 28,747 square feet of built space are mixed-use properties, with retail properties next occupying 8 percent of the space. The bulk, or 92 percent of the built space, is in Queens, with Brooklyn next at 8 percent of the space.

Within a 400-foot radius of 133-10 36 Road, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, one was in new building development. It was a new building permit application filed on June 9, 2021 for a 204,163-square-foot R-2 building with 150 residential units at 133-25 37th Avenue. One of those two items was a loan which Zhongyin Lyu and Jianfei Chen borrowed $81 million from Madison Realty Capital secured by the 41,147-square-foot, three-unit industrial (E9) on 133-24 36th Road and one other property on April 12, 2022.

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