Gary Tsan, Jianfei Chen pays $59M to Feiling Wing’s Yihai Group for property in Flushing

Gary Tsan and Jianfei Chen through the entity 37 Ave Richouse LLC paid Feiling Wing’s Yihai Group’s 36 Avenue Inc. $58.5 million for 133-25 37th Avenue, 133-24 36th Road, 133-28 36th Road in Flushing. The deal closed on February 20, 2020, and was recorded on March 4, 2020. The transaction consists of 2 parcels, including the tax class miscellaneous warehouse (E9).

The last time the property sold was August 14, 2013, when the Yihai Group bought it for $28.8 million. The broker was Cushman & Wakefield’s Stephen Preuss.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 204,123 square feet. Those plans include a total of 506 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link