Victor Peng pays $47.9M to Robert Mannheimer for five parcels in Flushing

In the first, Victor Peng through the entity 134-07 Northern Blvd LLC paid $23.9 million to Robert Mannheimer through the entity Northern-Collins Corporation for industrial building (E9) at 134-01 Northern Boulevard in Flushing, Queens.
The deal closed on March 17, 2023 and was recorded on March 22, 2023. The property has 21,925 square feet of built space and 13,490 square feet of additional air rights for a total buildable of 35,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,090 and the price per buildable square foot is $673 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.)

In the second, Victor Peng through the entity 34th Ave Management LLC paid $13 million to Robert Mannheimer through the entity Northern-Collins Corporation for industrial building (E9) at 132-60 34th Avenue in Flushing, Queens, industrial building (G7) at 132-60 34th Avenue in Flushing, Queens, and industrial building (G7) at N/A Collins Place in Flushing, Queens. The deal closed on March 17, 2023 and was recorded on March 22, 2023.The three properties have 9,298 square feet of built space and 37,924 square feet of additional air rights for a total buildable of 47,212 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,398 and the price per buildable square foot is $275 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.)

In the third, Victor Peng through the entity 133-16 35 Ave LLC paid $11 million to Robert Mannheimer through the entity Northern-Collins Corporation for industrial building (E9) at 133-16 35th Avenue in Flushing, Queens. The deal closed on March 17, 2023 and was recorded on March 22, 2023.The property has 22,000 square feet of built space for a total buildable of 22,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $500 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.)
For the three transactions, the signatory for Robert Mannheimer was Robert Mannheimer and Kyle Mannheimer. The signatory for Victor Peng was Victor Peng

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Victor Peng had purchased any other properties and sold one property in one transaction for a total of $5.3 million over the past 24 months.
The seller Robert Mannheimer had not purchased any other properties and sold five properties in one transaction for a total of $5.1 million over the same time period. The 21,925-square-foot property generated revenue of $331,469 or $15 per square foot, according to the most recent income and expense figures.

The property

The 134-01 Northern Boulevard parcel has frontage of 182 feet and is 289 feet deep with a total lot size of 35,500 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 $2.1 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 $1,000 in OATH penalties 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 times the average sales volume among other neighborhoods with $682.1 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has 2.5 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 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 Victor Ping, followed by Victor Peng and then Robert Mannheimer.
On the tax block, there were two new building construction projects totaling 16,249 square feet. The largest is a N/A-unit, 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 N/A-unit, 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 eight commercial properties in New York City with 169,445 square feet and a city-determined market value of $33.5 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 61 percent of the 169,445 square feet of built space are office properties, with industrial properties next occupying 39 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Queens next at 39 percent of the space.

The buyer

The PincusCo database currently indicates that Victor Peng owned at least two commercial properties in New York City with 25,110 square feet and a city-determined market value of $4.9 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 82 percent of the 25,110 square feet of built space are hotel properties, with industrial properties next occupying 18 percent of the space. The bulk, or 82 percent of the built space, is in Brooklyn, with Queens next at 18 percent of the space.

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