Permits issued for 175-unit Flushing project

38-20 Parsons Boulevard (Credit - Google)

The city issued permits for a new building project filed by Kenny Liu for the construction of a 175-unit, 155,389-square-foot residential (R-2) building at 38-20 Parsons Boulevard in Flushing, Queens. The plan was filed with the New York City Department of Buildings on November 18, 2020 under job number 421133464 and the permits were issued on November 10, 2022. The plan calls for the construction of a seven-story building. The project is described in the filing as: new residential seven-story building with cellar and sub-cellar.

Axonometric rendering by architect Stephen B. Jacobs

The property

The property is owned by Yong Qiu. The 143-58 38 Avenue parcel has frontage of 292 feet and is 150 feet deep with a total lot size of 43,800 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 $7.7 million. The most recent loan totaled $62 million and was provided by Cathay Bank on August 31, 2022.

Prior sales and revenue

This property was sold by Temple Gates of Prayer Congregation Shaarai Tefilla for $37.5 million to Shun Qian Liu on December 16, 2019.

Violations and lawsuits

According to city public data, the property has received one DOB violation and $450 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Flushing, the bulk, or 45 percent of the 37.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has near average sales volume among other neighborhoods with $611.7 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has near average amount of major developments among other neighborhoods and is the 5th highest in Queens. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 34 commercial properties representing 48,786 square feet of the 184,036 square feet. The identified owner is Pistilli Realty Group. On the tax block, there was one new building construction project filed totaling 155,389 square feet. It is a 175-unit, 155,389 square-foot residential (R-2) building developed by Kenny Liu with plans filed November 18, 2020 and permitted November 10, 2022.

The owner

The PincusCo database currently indicates that Yong Qiu owned at least one commercial property in New York City with 34,560 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) The portfolio has $62 million in debt, borrowed from Cathay Bank. The portfolio consists of at least a single M1 property. It is located in Queens.

The surrounding

Within a 400-foot radius of 143-58 38 Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $719,720. The most recent of these two items was the permit on December 6, 2021 for a 11,486-square-foot R-2 building with 150 residential units at 143-40 38th Avenue. One of those three items was a loan which Warren Switzler borrowed $10.3 million from New York Community Bank secured by 297 condo units in the 824-square-foot, 303-unit mixed-use building (RM) on 143-51 Roosevelt Avenue on August 19, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.

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