Shanghai Construction Group acquires stake from partner F&T Group valued at $36M for hotel in Flushing

Shanghai Construction Group through the entity SCG Plaza Inc acquired an interest from F&T Group through the entity F&T Two Fulton LLC valued at $36M for property at 133-36 37th Avenue in Flushing, Queens.
The deal closed on December 27, 2021 and was recorded on February 1, 2022.
The property has 109,805 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $327 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 December 24, 2020, for $32.4 million.
Prior to this transaction, the buyer Shanghai Construction Group had not purchased any other properties and had not sold any properties over the past 24 months.
The seller F&T Group purchased two properties in one transactions for a total of $32.4 million and sold four properties in three transactions for a total of $38.2 million over the same time period.

This is Shanghai Construction aka SCG America, buying a stake in the hotel portion of the Tangram House complex.
On the tax block, the majority, or 31 percent of the 137,917 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 30 percent of the space.
There was a condominium project filed with the address 133-36 37th Avenue and the name Tangram House West Condominium on March 5, 2020. The principals of the sponsor, Tangram House West Sponsor Llc, were Hongquan Li and Sunny Chiu. link
Within a 400-foot radius of 133-36 37th Avenue, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a filing on June 9, 2021 for a 204,163-square-foot R-2 building with 150 residential units at 133-25 37th Avenue.
Of those eight items, two were sales above $5 million totaling $63.5 million. The most recent of the two was C And C Prince Holding LLC which bought four condo units in the 1,357-square-foot, 103-unit mixed-use building (RM) on 37-20 Prince Street and 0 other properties for $5 million from Yifan Zhang on December 28, 2021.
Of those eight items, four were loans above $5 million totaling $67.6 million. The most recent of the four was F&T Group which borrowed $14.6 million from Shanghai Commercial Bank secured by 19 condo units in the 2,460-square-foot, 772-unit mixed-use building (RM) on 133-27 39th Avenue on January 24, 2022.

Direct link to Acris document. link