Shu Ming Lin pays $3.9M for 17-foot-wide retail in Flushing

Shu Ming Lin through the entity Brick Lane NY LLC paid $3.9 million to Eleni Karakousis through the entity Sikyon, LLC for the 17-foot-wide retail building (K1) at 36-33 Main Street in Flushing, Queens.
The deal closed on June 13, 2024 and was recorded on June 26, 2024. The property has 2,720 square feet of built space and 4,007 square feet of additional air rights for a total buildable of 6,716 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,415 and the price per buildable square foot is $573 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 Eleni Karakousis was Eleni Karakousis. The signatory for Shu Ming Lin was Shu Ming Lin. The contract date was February 26, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shu Ming Lin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eleni Karakousis had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Flushing has 2,720 square feet of built space and 4,007 square feet of additional air rights for a total buildable of 6,716 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 160 feet deep with a total lot size of 2,764 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.1 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 Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.8 times the average sales volume among other neighborhoods with $759.2 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 2.3 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 56 commercial properties representing 316,637 square feet of the 566,670 square feet. The largest owner is Yue Mei Song, followed by Weinberger Properties and then Wai Sing Yeung.
On the tax block, there were two new building construction projects totaling 110,424 square feet. The largest is a 72,563 square-foot business (B) building submitted by Tian Ji Li with plans filed March 29, 2021 and it has not been permitted yet. The second largest is a seven-unit, 37,861 square-foot residential (R-2) building submitted by Zhao Jiang with plans filed January 12, 2017 and it has not been permitted yet.

The majority, or 34 percent of the 566,670 square feet of built space are elevator buildings, with mixed-use buildings next occupying 26 percent of the space.

The buyer

The PincusCo database currently indicates that Shu Ming Lin owned at least one commercial property in New York City with 8,667 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

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