Victor Peng pays $3.1M to Robert Mannheimer in Flushing, part of $51M sale

Victor Peng through the entity 35-07 Collins Place LLC paid $3.1 million to Robert Mannheimer through the entity Northern-Collins Corporation for the industrial buildings (E9) at 34-69 Collins Place and (E1) at 34-65 Collins Place in Flushing, Queens.
The deal closed on March 17, 2023 and was recorded on March 27, 2023. The two properties have 13,200 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $234 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 Robert Mannheimer was Robert Mannheimer. The signatory for Victor Peng was Victor Peng. On the same day, Robert Mannheimer sold five other Flushing properties to Victor Peng for $47.9 million.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 34-69 Collins Place.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Victor Peng purchased five properties in three transactions for a total of $47.9 million and sold one properties in one transactions for a total of $5.3 million over the past 24 months.
The seller Robert Mannheimer had not purchased any other properties and sold 10 properties in four transactions for a total of $53 million over the same time period. The two properties with a total of 13,200 square feet of built space generated revenue of $127,568 per year or $10 per square foot. The sale price per square foot was $235.

The property

The 34-69 Collins Place parcel has frontage of 50 feet and is 97 feet deep with a total lot size of 5,050 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $549,000.The most recent loan totaled 0.0 and was provided by Robert Mannheimer on April 12, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 $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 2.1 times the average sales volume among other neighborhoods with $730 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has 2.4 times the average amount of major developments relative to other neighborhoods and is the 5th 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. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 34-69 Collins Place, 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 Victor Ping and then Robert Mannheimer.
On the tax block, there were two 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 seller

The PincusCo database currently indicates that Robert Mannheimer owned at least three commercial properties in New York City with 116,222 square feet and a city-determined market value of $25.8 million. (Market value is typically about 50% of actual value.) The portfolio has $6.3 million in debt, borrowed from First Republic Bank and Robert Mannheimer. Within the portfolio, the bulk, or 89 percent of the 116,222 square feet of built space are office properties, with industrial properties next occupying 11 percent of the space. The bulk, or 89 percent of the built space, is in Manhattan, with Queens next at 11 percent of the space.

The buyer

The PincusCo database currently indicates that Victor Peng owned at least seven commercial properties in New York City with 78,333 square feet and a city-determined market value of $12.6 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from Preferred Bank. Within the portfolio, the bulk, or 74 percent of the 78,333 square feet of built space are industrial properties, with hotel properties next occupying 26 percent of the space. The bulk, or 74 percent of the built space, is in Queens, with Brooklyn next at 26 percent of the space.

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