Kathy Yung, Fred Ha pay $4.5M for retail in Flushing

Kathy W. Yung and Fred Ha through the entity Dragonfruit 4136 LLC paid $4.5 million to Hsiu Hsiung Lin, Yueh-O Li Lin, and Mei Chien Lin for the midblock retail building at 41-36 Main Street in Flushing, Queens.
The deal closed on March 7, 2022 and was recorded on May 23, 2022. The property has 1,100 square feet of built space and 2,666 square feet of additional air rights for a total buildable of 3,766 square feet according to PincusCo analysis of city data. The sale price per built square foot is $4,090 and the price per buildable square foot is $1,194 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 Hsiu Hsiung Lin, Yueh-O Li Lin, and Mei Chien Lin was Hsiu Hsiung Lin, Yueh-O Li Lin, and Mei Chien Lin. The signatory for Kathy W. Yung and Fred Ha was Kathy W. Yung and Fred Ha.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kathy W. Yung had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hsiu Hsiung Lin had not purchased any other properties and had not sold any properties over the same time period. The 1,100-square-foot property generated revenue of $157,289 or $143 per square foot, according to the most recent income and expense figures.

The property

The 41-36 Main Street parcel has frontage of 13 feet and is 115 feet deep with a total lot size of 1,550 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $757,000.

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 received $400 in OATH penalties 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 39 percent of the 78.7 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 29 percent of the space. In sales, Flushing has near average sales volume among other neighborhoods with $312.4 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has 2.9 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 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 111 commercial properties representing 90,214 square feet of the 292,788 square feet. The two identified owners are Hui Ian Cheng and Morris Schreiber. There is one active new building construction project totaling 23,507 square feet. It is a 23,507-square-foot office (B) building developed by Dennis Zhao with plans filed March 14, 2018 and permitted August 25, 2020.

The majority, or 60 percent of the 265,038 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 14 percent of the space.

Surrounding

Within a 400-foot radius of 41-36 Main Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit issued on August 25, 2020 for a 23,507-square-foot B building at 133-20 41st Road.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 22, 2020 for the $773,000 renovation of 7,760-square-foot B building with no residential units at 41-28 Main Street.
One of those six items was a sale which Thomas T. Young bought one condo unit in the 10,000-square-foot, 104-unit mixed-use building (RM) on 136-05 Sanford Avenue for $14.5 million from Martin Tenenbaum on December 9, 2021.
Of those six items, three were loans above $5 million totaling $54.7 million. The most recent of the three was Thomas T. Young which borrowed $10 million from Cathay Bank secured by one condo unit in the 10,000-square-foot, 104-unit mixed-use building (RM) on 136-05 Sanford Avenue on December 9, 2021.

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