Kevin Tin pays $2.9M to F&T Group for office condo in Flushing

Kevin Tin through the entity Ct Square LLC paid $2.9 million to F&T Group and Shanghai Construction Group through the entity Tangram Tower Sponsor LLC for the office condo at 37-12 Prince Street in Flushing, Queens.
The deal closed on May 30, 2023 and was recorded on June 5, 2023. The property has 2,404 square feet of built space according to a PincusCo analysis of city data. The sale price per built 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 F&T Group and Shanghai Construction Group was Maryam C. Toosie. The signatory for Kevin Tin was Kevin Tin.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kevin Tin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller F&T Group had not purchased any other properties and sold eight properties in eight transactions for a total of $53.8 million over the same time period.

The property

The office condo in Flushing has 2,404 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 2,404 square feet. The city-designated market value for the property in 2022 is $508,247. The most recent loan totaled $14.2 million and was provided by Shanghai Commercial Bank on September 19, 2022.

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

For the tax lot building, it received its initial certificate of occupancy on July 10, 2020. On the lot, there was one new building construction project for a 77,228 square-foot office (B) building. The project was submitted by F&T Group and filed by Sunny Chiu with plans filed June 27, 2016 and permitted June 27, 2017.

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 2.1 times the average sales volume among other neighborhoods with $731.1 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has 2.5 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 this tax block, PincusCo has identified the owners of two of the 22 commercial properties representing 47,875 square feet of the 137,513 square feet. The two identified owners are Jin Xiao Chen and A&E Real Estate Holdings.
On the tax block, there were five new building construction projects totaling 2,863,248 square feet. The largest is a 397-unit, 752,283 square-foot residential (R-2) building submitted by F&T Group and filed by Sunny Chiu with plans filed August 29, 2014 and it has not been permitted yet. The second largest is a 338-unit, 681,399 square-foot hotel/dormitory/shelter (R-1) building submitted by F&T Group and filed by Sunny Chiu with plans filed March 13, 2015 and permitted January 25, 2019.

The majority, or 31 percent of the 137,513 square feet of built space are walkup buildings, with mixed-use buildings next occupying 30 percent of the space.

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