Sheng Wang pays $3.7M for industrial in Long Island City

Sheng Wang through the entity Jade York Development LLC paid $3.7 million to Sally Goldreyer through the entity D. Delre & Company, Inc. for the industrial building (F1) at 37-31 29th Street in Long Island City, Queens.
The deal closed on September 18, 2025 and was recorded on October 2, 2025. The property has 4,340 square feet of built space and 9,687 square feet of additional air rights for a total buildable of 14,040 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $852 and the price per buildable square foot is $263 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 Sally Goldreyer was Sally Goldreyer. The signatory for Sheng Wang was Sheng Wang. The contract date was July 11, 2025. The seller and her late husband, an art restorer, were connected with a case of a lost and then recovered Roy Lichtenstein painting, Electric Cord, valued at $4 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sheng Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sally Goldreyer had not purchased any other properties and had not sold any properties over the same time period. The 4,340-square-foot property generated revenue of $83,150 or $19 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 4,340 square feet of built space and 9,687 square feet of additional air rights for a total buildable of 14,040 square feet according to a PincusCo analysis of city data. The parcel has frontage of 47 feet and is 160 feet deep with a total lot size of 4,680 square feet. The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $489,000.

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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.4 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 9th most active neighborhood among other neighborhoods. It had 6.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 61,475 square feet of the 113,319 square feet. The largest owner is Park Construction Corp., followed by Zehao Fang and then Mei Yu Jow.
On the tax block, there were two new building construction projects totaling 60,069 square feet. The largest is a 47-unit, 39,427 square-foot residential (R-2) building submitted by Zehao Fang and filed by Jack Fang with plans filed September 10, 2021 and permitted April 7, 2022. The second largest is a 14-unit, 20,642 square-foot residential (R-2) building submitted by Arthur Klansky and filed by Arthur Klansky with plans filed January 2, 2025 and it has not been permitted yet.

The majority, or 51 percent of the 113,319 square feet of built space are elevator buildings, with industrial buildings next occupying 47 percent of the space.

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