Nilin Zhang, Qiao Chen pay $9.9M for industrial in Maspeth

Nilin Zhang and Qiao Chen through the entity 72-02 51st Ave Inc. paid $9.9 million for the industrial building (E1) at 72-02 51st Avenue in Maspeth, Queens. The expected use is cash flowing.
The deal closed on April 23, 2026 and was recorded on May 7, 2026. The property has 20,726 square feet of built space and 3,392 square feet of additional air rights for a total buildable of 24,230 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $476 and the price per buildable square foot is $407 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 Ciro Salvia and Paolo Salvia was Ciro Salvia and Paolo Salvia. The signatory for Nilin Zhang and Qiao Chen was Nilin Zhang. The contract date was December 22, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Nilin Zhang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ciro Salvia had not purchased any other properties and had not sold any properties over the same time period. The 20,726-square-foot property generated revenue of $365,477 or $18 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Maspeth has 20,726 square feet of built space and 3,392 square feet of additional air rights for a total buildable of 24,230 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 125 feet deep with a total lot size of 24,230 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.3 million.

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

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has near average sales volume among other neighborhoods with $316.7 million in sales volume in the last two years and is the 6th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 269,718 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

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

All properties are industrial.

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