Jian Kun Wu pays $3.6M for 9-unit walkup in North Corona

Jian Kun Wu through the entity Queens 818 LLC paid $3.6 million to Jesus Emilio Vera through the entity Lv 35 Avenue Corp. for the nine-unit residential walkup building (C1) at 102-16 35th Avenue in North Corona, Queens. The expected use is cash flowing.
The deal closed on September 5, 2025 and was recorded on September 16, 2025. The property has 8,725 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $412 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 October 24, 2007, for $400,000. The signatory for Jesus Emilio Vera was Jesus Emilio Vera. The signatory for Jian Kun Wu was Jian Kun Wu. The contract date was July 18, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jian Kun Wu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jesus Emilio Vera 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 Jesus Vera, head officer and Longhua Li, agent. The business entities are Global Connect Realty and Lv 35 Avenue Corp. The 8,725-square-foot property generated revenue of $213,239 or $24 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 9 residential units in North Corona has 8,725 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 3,500 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2013 and expires in 2028. The city-designated market value for the property in 2022 is $1.5 million. The property has 9 rent regulated units according to city tax records from 2020.

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 $2,480 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 12, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 32,021 square feet of the 53,190 square feet. The largest owner is Viking Management, followed by Jesus Vera and then Humberto Tatis.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 53,190 square feet of built space are walkup buildings, with mixed-use buildings next occupying 37 percent of the space.

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