Meeiling Lu pays $3.9M for 10-unit walkup in Flushing, second purchase in 4 months

Meeiling Lu through the entity Wnyrt LLC paid $3.9 million to Peter Zuccarello through the entity P.A.Z. Realty, L.L.C. for the 10-unit residential walkup building (C7) at 33-26 Union Street in Flushing, Queens. This is Meeiling Lu’s second purchase since October 2022.
The deal closed on January 19, 2023 and was recorded on February 1, 2023. The property has 9,044 square feet of built space and 1,943 square feet of additional air rights for a total buildable of 10,983 square feet according to PincusCo analysis of city data. The sale price per built square foot is $429 and the price per buildable square foot is $353 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 November 15, 2002, for $500,000. The signatory for Peter Zuccarello was Peter Zuccarello. The signatory for Meeiling Lu was Meeiling Lu.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Meeiling Lu purchased one property in one transaction for a total of $2.4 million and has no record it sold any properties over the past 24 months.
The seller Peter Zuccarello 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 Peter Zuccarello, head officer. The business entity is Paz Realty Llc. The 9,044-square-foot property generated revenue of $264,720 or $29 per square foot, according to the most recent income and expense figures.

The property

The 33-26 Union Street parcel has frontage of 40 feet and is 113 feet deep with a total lot size of 4,520 square feet. 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 $1.3 million.

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 $150 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 block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 41,221 square feet of built space are walkup buildings, with retail buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Meeiling Lu owned at least one commercial property in New York City with 5,214 square feet and a city-determined market value of $880,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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