Shun Qian Liu pays $12.5M to John Parlante for industrial in Flushing

Shun Qian Liu through the entity Crystal Realty Inc. paid $12.5 million to John Parlante through the entity Courtlandt Boot Jack Co., Inc. for industrial building (F1) at 33-34 Prince Street in Flushing, Queens.
The deal closed on July 20, 2022 and was recorded on August 8, 2022. The property has 25,960 square feet of built space and 28,665 square feet of additional air rights for a total buildable of 54,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $481 and the price per buildable square foot is $228 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 John Parlante was John Parlante. The signatory for Shun Qian Liu was Shun Qian Liu.
The sale was financed with a Cathay Bank loan totaling $7.5 million.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Shun Qian Liu had purchased any other properties and sold one properties in one transactions for a total of $7.3 million over the past 24 months.
The seller John Parlante had not purchased any other properties and had not sold any properties over the same time period. The 25,960-square-foot property generated revenue of $510,914 or $20 per square foot, according to the most recent income and expense figures.

The property

The 33-34 Prince Street parcel has frontage of 121 feet and is 218 feet deep with a total lot size of 27,300 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received four DOB violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

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 1.6 times the average sales volume among other neighborhoods with $546.7 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has 3.2 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 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 10 of the 174 commercial properties representing 106,088 square feet of the 485,498 square feet. The largest owner is Robert Mannheimer, followed by Chung Lam and then Victor Ping.
There are two active new building construction projects totaling 16,249 square feet. The largest is a 9,597-square-foot A-3 building developed by Ivy Lueng with plans filed November 21, 2014 and permitted December 7, 2017. The second largest is a 6,652-square-foot F-2 building developed by Tony Xiao with plans filed June 25, 2019 and it has not been permitted yet.

The majority, or 83 percent of the 424,279 square feet of built space are industrial buildings, with office buildings next occupying 6 percent of the space.

The buyer

The PincusCo database currently indicates that Shun Qian Liu 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 consists of at least a single M1 property. It is located in Queens.

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