Sophia Kang pays $5M for retail in Flushing, owns adjacent corner building

Sophia Kang through the entity PK Flushing LLC paid $5 million to the Bauer family through the entity Bauer Home Improvement Limited for the retail building (K1) at 142-06 41st Avenue in Flushing, Queens. The property forms an L around the corner building, 41-05 Union Street, which Kang already owns.
The deal closed on June 4, 2024 and was recorded on June 11, 2024. The property has 3,725 square feet of built space and 12,840 square feet of additional air rights for a total buildable of 16,542 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,342 and the price per buildable square foot is $302 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 seller affiliated individual Karin Hammons was attorney Lisa Breier Urban. The signatory for Sophia Kang was Sophia Kang. The contract date was February 9, 2024. The parcel last sold in 1969. Eric Bauer signed for Bauer Home Improvement in 1969 for the purchase money mortgage at the time.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sophia Kang had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The retail building in Flushing has 3,725 square feet of built space and 12,840 square feet of additional air rights for a total buildable of 16,542 square feet according to a PincusCo analysis of city data. The parcel has frontage of 38 feet and is 100 feet deep with a total lot size of 4,809 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $756,000.

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 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 2.7 times the average sales volume among other neighborhoods with $747.8 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 2.1 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 374,786 square feet of the 389,361 square feet. The largest owner is Vanderbilt Property Management, followed by Steven Krumholz and then Cammeby’s International Group.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 389,361 square feet of built space are elevator buildings, with mixed-use buildings next occupying 2 percent of the space.

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