Victor Peng, Yi Hua Chen sign $32M refi with Cathay Bank for industrial in Flushing

Victor Peng and Yi Hua Chen through the entity 133-16 35 Ave LLC as borrower signed a refi loan with lender Cathay Bank valued at $32 million for seven industrial properties including the industrial building (G2) at 133-16 35th Avenue in Flushing, Queens, industrial building (E9) at 134-01 Northern Boulevard in Flushing, Queens, and industrial building (E9) at 34-69 Collins Place in Flushing, Queens.
The deal closed on March 17, 2026 and was recorded on March 27, 2026. The prior lender was Deutsche Bank which held debt that had an original loan amount of $30.5 million. The seven properties have 66,423 square feet of built space and 51,414 square feet of additional air rights for a total buildable of 112,387 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $481 and the price per buildable square foot is $284 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 Victor Peng and Yi Hua Chen was Victor Peng and Yihua Chen . The signatory for Cathay Bank was Vanessa Siew .

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 133-16 35th Avenue.

Prior sales, articles and revenue

Out of the seven properties, one with a total of 66,423 square feet of built space generated revenue of $599,430 per year.

The property

The industrial buildings in Flushing have 66,423 square feet of built space and 51,414 square feet of additional air rights for a total buildable of 112,387 square feet according to a PincusCo analysis of city data. 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 $3.9 million. Cathay Bank on March 17, 2026 acquired a loan with an original principal of $30.5 million from Deutsche Bank signed by David Addison , secured by the seven properties.

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 received two DOB violations and $17,350 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 $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 2.2 times the average sales volume among other neighborhoods with $729.3 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.8 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were 48 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 133-16 35th Avenue, PincusCo has identified the owners of 14 of the 42 commercial properties representing 166,052 square feet of the 424,279 square feet. The largest owner is Yi Hua Chen, followed by Victor Peng and then May Kit Ming Mak.
On the tax block, there were two new building construction projects totaling 15,657 square feet. The largest is a 9,005 square-foot 74 building submitted by Tony Xiao and filed by Tony Xiao with plans filed June 16, 2023 and permitted December 4, 2023. The second largest is a 6,652 square-foot industrial (F-2) building submitted 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 borrower

The PincusCo database currently indicates that Victor Peng owned at least nine commercial properties in New York City with 91,533 square feet and a city-determined market value of $15.5 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 77 percent of the 91,533 square feet of built space are industrial properties, with hotel properties next occupying 23 percent of the space. The bulk, or 77 percent of the built space, is in Queens, with Brooklyn next at 23 percent of the space.
The PincusCo database currently indicates that Yi Hua Chen owned at least seven commercial properties in New York City with 64,206 square feet and a city-determined market value of $15.1 million. (Market value is typically about 50% of actual value.) The portfolio has $13 million in debt, borrowed from Soung Eun Hong. Within the portfolio, the bulk, or 51 percent of the 64,206 square feet of built space are mixed-use properties, with industrial properties next occupying 49 percent of the space. They are all located in Queens.

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