Ming Mei Zhou pays $4.1M for two walkups in North Corona

Ming Mei Zhou through the entity An Kang Realty Management LLC paid $4.1 million to the estate of the late Ken Luen Cheung through the entity KYC Realty, LLC for the seven-unit residential walkup building (C1) at 104-38 38th Avenue and the adjacent seven-unit residential walkup building (C1) at 104-36 38th Avenue in North Corona, Queens. The expected use is cash flowing.
The deal closed on September 30, 2025 and was recorded on November 6, 2025. The two properties have 11,030 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $371 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 Ken Luen Cheung was Tak Tin Cheung. The signatory for Ming Mei Zhou was Ming Mei Zhou. The contract date was June 23, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ming Mei Zhou had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ken Luen Cheung had not purchased any other properties and sold one property in one transaction for a total of $1.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ken Cheung, head officer and Tak Cheung, site manager. The business entity is Kyc Realty Llc.

The property

The residential walkup building with 7 residential units in North Corona has 11,030 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 125 feet deep with a total lot size of 2,500 square feet. The zoning is R5A which allows for up to 1.1 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2012 and expires in 2027. The city-designated market value for the property in 2022 is $930,000. The property has 7 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 block

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

The majority, or 87 percent of the 57,607 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

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