Guan Shawn Wang pays $4.2M for dev site in Sunnyside

Guan Shawn Wang through the entity 4122 44st Development LLC paid $4.2 million to Hee Sang Lee through the entity The Greater New York State Regional Center LLC for the three-unit building (C0) at 41-22 44th Street in Sunnyside, Queens. The expected use is cash flowing.

On the lot, there is one active new building construction project, Q08044865, for a 29-unit, 19,598 square-foot residential (R-2) building. The project was submitted on  July 5, 2023 and it has not been permitted yet.

The deal closed on March 4, 2026 and was recorded on March 26, 2026. The property has 3,024 square feet of built space and 17,000 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,405 and the price per buildable square foot is $212 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 seller bought the property on November 29, 2017, for $1.5 million. The signatory for Hee Sang Lee was Hee Sang Lee. The signatory for Guan Shawn Wang was Guan Shawn Wang. The contract date was November 21, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Guan Shawn Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hee Sang Lee had not purchased any other properties and had not sold any properties over the same time period.

The property

The building with 3 residential units in Sunnyside has 3,024 square feet of built space and 17,000 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, Q08044865, for a 27-unit, 20,000 square-foot R-2 building. The project was submitted by Tg New York and filed by Tg New York with plans filed July 5, 2023 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 71,490 square feet of the 125,676 square feet. The identified owner is Michael Lifland.
On the tax block, there were two new building construction projects totaling 30,000 square feet. The largest is a 29-unit, 19,598-square-foot residential (R-2) building submitted by Tg New York and filed by Tg New York with plans filed July 5, 2023 and it has not been permitted yet. The second largest is a 11-unit, 10,000 square-foot residential (R-2) building submitted by Stella Chen with plans filed July 31, 2018 and it has not been permitted yet.

The majority, or 82 percent of the 125,676 square feet of built space are elevator buildings, with specialty buildings next occupying 10 percent of the space.

Direct link to Acris document. link