Sunlight Development pays $6.9M to Amerasia Bank for mixed-use building in Flushing

Sunlight Development through the entity Farrington Capital LLC paid $6.9 million through a real estate owned to Amerasia Bank through the entity Amerasia Holdings LLC for a mixed-use building with two commercial spaces, eight residential units and a parking condo unit at 134-38 35th Avenue in Flushing, Queens.
The deal closed on September 29, 2025 and was recorded on October 8, 2025. The 11 tax lots have 14,533 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $475 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 Amerasia Bank was Jimmy Tsai. The signatory for Sunlight Development was Jia He Chen . The contract date was June 27, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sunlight Development purchased three properties in three transactions for a total of $79.8 million and has no record it sold any properties over the past 24 months.
The seller Amerasia Bank purchased one property in one transaction for a total of $5.4 million and had not sold any properties over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

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 2.3 times the average sales volume among other neighborhoods with $682.5 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 134-38 35th Avenue, PincusCo has identified the owners of five of the 22 commercial properties representing 137,177 square feet of the 259,631 square feet. The largest owner is Xinyuan Real Estate Co., followed by Mei Ping Matsumura and then Kin Chau Cheng.
On the tax block, there was one new building construction project filed totaling 96,536 square feet. It is a 96,536 square-foot business (B) building submitted by Orrin Feingold with plans filed December 26, 2018 and it has not been permitted yet.

The majority, or 31 percent of the 259,631 square feet of built space are specialty buildings, with mixed-use buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Amerasia Bank owned at least one commercial property in New York City with 5,700 square feet and a city-determined market value of $1.4 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.

The buyer

The PincusCo database currently indicates that Sunlight Development owned at least seven commercial properties with 104 residential units in New York City with 74,336 square feet and a city-determined market value of $20.7 million. (Market value is typically about 50% of actual value.) The portfolio has $136.2 million in debt, borrowed from S3 Capital and Amerasia Bank. Within the portfolio, the bulk, or 77 percent of the 74,336 square feet of built space are elevator properties, with retail properties next occupying 18 percent of the space. The bulk, or 65 percent of the built space, is in Queens, with Brooklyn next at 35 percent of the space.

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