Jenny Zhu pays $4M for two retail condos in Flushing

Jenny Zhu through the entity Connexion 8 LLC paid $4 million to Ping Yeung and Qiu Hui Lin through the entity CA Plaza LLC for two retail condominium units at 36-16 Main Street in Flushing, Queens.
The deal closed on February 7, 2023 and was recorded on March 6, 2023. The two properties have 3,376 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,178 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 Ping Yeung and Qiu Hui Lin was Diane Chan. The signatory for Jenny Zhu was Jenny Zhu.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jenny Zhu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ping Yeung had not purchased any other properties and sold four properties in one transactions for a total of $7.8 million over the same time period.

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 $661.1 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 5th 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 the tax block of 36-16 Main Street, PincusCo has identified the owners of five of the 89 commercial properties representing 54,574 square feet of the 535,646 square feet. The largest owner is Calvin Q. Pan, followed by Yu Ling Hu and then Yin Chou Hu.
On the tax block, there were two new building construction projects totaling 180,147 square feet. The largest is a 150-unit, 171,996-square-foot J-1 building developed by Ronnie Lam with plans filed January 30, 2004 and permitted April 17, 2013. The second largest is a six-unit, 8,151-square-foot R-2 building developed by Pik Wan Cheng with plans filed July 27, 2018 and permitted January 8, 2020.

The majority, or 37 percent of the 269,812 square feet of built space are mixed-use buildings, with retail buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Ping Yeung owned at least two commercial properties in New York City with 236,666 square feet and a city-determined market value of $17.2 million. (Market value is typically about 50% of actual value.) The portfolio has $64.8 million in debt, borrowed from First Commercial Bank and Flushing Bank. Within the portfolio, the bulk, or 51 percent of the 236,666 square feet of built space are industrial properties, with hotel properties next occupying 49 percent of the space. They are all located in Queens.

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