Neng Wang pays $11M for eight commercial condos in Flushing

Neng Wang through the entity 168 Flushing Garden Realty LLC paid $11 million to Cun Long Chen and Xin Xiang Lin through the entity Rong Xin Sanford Realty LLC for eight commercial condominium units at Flushing Garden Condo at 144-27 Sanford Avenue in Flushing, Queens.
The deal closed on April 8, 2022 and was recorded on April 26, 2022.

The signatory for Cun Long Chen and Xin Xiang Lin was Diane Chan. The signatory for Neng Wang was Neng Wang. This is for all eight commercial condo units in the complex, Flushing Garden Condo.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 144-27 Sanford Avenue.

The block

On the tax block of 144-27 Sanford Avenue, PincusCo has identified the owners of two of the five commercial properties representing 284,436 square feet of the 296,523 square feet. The two identified owners are City of New York and Xin Xiang Lin. There is one active new building construction project totaling 110,636 square feet. It is a 131-unit, 110,636-square-foot R-2 building developed by Cun Chen with plans filed June 5, 2018 and permitted August 13, 2019.

The majority, or 70 percent of the 491,705 square feet of built space are residential elevator buildings, with specialty buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Xin Xiang Lin owned at least three commercial properties with 171,471 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) The portfolio has $87.8 million in debt, with top three lenders as Cathay Bank, Popular Bank, and Amerasia Bank respectively. Within the portfolio, the bulk, or 97 percent of the 171,471 square feet of built space are residential elevator properties, with residential walkup properties next occupying 3 percent of the space. The bulk, or 97 percent of the built space, is in Queens, with Manhattan next at 3 percent of the space.

Surrounding

PincusCo has not identified any commerCial real estate items of interest within a 400-foot radius of 144-27 Sanford Avenue that occurred over the past 24 months.

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