Houjian Xu, Yangling Ni pays $3M for mixed-use in Flushing

Houjian Xu and Yangling Ni through the entity Jian Feng Realty Group LLC paid $3 million to Ke Zhong Wang through the entity 13246 Realty LLC for the four-unit mixed-use building (S4) at 132-46 41st Avenue in Flushing, Queens.
The deal closed on January 27, 2023 and was recorded on February 7, 2023.The property has 4,900 square feet of built space and 123 square feet of additional air rights for a total buildable of 5,020 square feet according to PincusCo analysis of city data. The sale price per built square foot is $612 and the price per buildable square foot is $597 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 July 25, 2006, for $1.3 million. The signatory for Ke Zhong Wang was Ke Zhong Wang. The signatory for Houjian Xu and Yangling Ni was Yangling Ni.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Houjian Xu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ke Zhong Wang had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Kezhong Wang, head officer and Zhen Dong, officer. The business entity is 13246 Realty Llc. The 4,900-square-foot property generated revenue of $101,234 or $21 per square foot, according to the most recent income and expense figures.

The property

The 132-46 41st Avenue parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,066 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2007.0 and expires in 2022.0. The city-designated market value for the property in 2022 is $1.1 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 $643.1 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 three of the 80 commercial properties representing 27,630 square feet of the 192,969 square feet. The largest owner is Xiang Yu Cao, followed by Tianxu Lou and then Houjian Xu.
On the tax block, there were five new building construction projects totaling 75,018 square feet. The largest is a 30-unit, 28,756-square-foot R-2 building developed by Gina Young with plans filed January 11, 2018 and permitted February 12, 2020. The second largest is a 10-unit, 13,232-square-foot R-2 building developed by Kuo Ching Hsu with plans filed June 7, 2019 and it has not been permitted yet.

the majority, or 57 percent of the 107,616 square feet of built space are elevator buildings, with mixed-use buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Houjian Xu owned at least one commercial property in New York City with 4,900 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

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