Jiali Xiao, John Ho pay $3.2M for mixed-use in Flushing

Jiali Xiao and John Ho through the entity 135 Flushing LLC paid $3.2 million to Dunnie Lai through the entity Jet Realty Management Corp. for the five-unit mixed-use building (S5) at 135-24 37th Avenue in Flushing, Queens.
The deal closed on January 30, 2025 and was recorded on February 14, 2025. The property has 4,130 square feet of built space and 2,184 square feet of additional air rights for a total buildable of 6,318 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $769 and the price per buildable square foot is $503 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 Dunnie Lai was Jennie Lai. The signatory for Jiali Xiao and John Ho was Jiali Xiao. The contract date was October 29, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jiali Xiao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dunnie Lai had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Jennie Lai, head officer. The business entity is Jet Realty Management Corp.

The property

The mixed-use building with 5 residential units in Flushing has 4,130 square feet of built space and 2,184 square feet of additional air rights for a total buildable of 6,318 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 118 feet deep with a total lot size of 2,600 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 $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 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 $1 million on this tax lot.

The neighborhood

In Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.8 times the average sales volume among other neighborhoods with $751.4 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 1.8 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Queens. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 27 commercial properties representing 160,936 square feet of the 272,187 square feet. The largest owner is Alexander Mehran, followed by Juyi Inc. and then Chung-Ching Chien Trustee.
On the tax block, there was one new building construction project filed totaling 12,023 square feet. It is a seven-unit, 12,023 square-foot mercantile (M) building submitted by Cindy Zhang with plans filed December 11, 2020 and it has not been permitted yet.

The majority, or 68 percent of the 272,187 square feet of built space are mixed-use buildings, with retail buildings next occupying 15 percent of the space.

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