Wan Tan Chang buys out partner at adjacent properties in Flushing in $5.2M deal

Wan Tan Chang through the entity Fortune Franklin Holding LLC bought out partner Hui Li’s entity Jinde Trading LLC to take full control of the office building (O8) at 139-19 Franklin Avenue, and three two-unit mixed-use buildings (S2) at 139-11 to 139-17 Franklin Avenue in Flushing, Queens, in a deal valued at $5.2 million to buy out a 40 percent stake. The expected use is cash flowing. The four buildings are adjacent, including the corner of Kissena Boulevard and the next three buildings on Franklin Avenue toward the west.

The deal closed on May 7, 2025 and was recorded on May 30, 2025. The four properties have 14,962 square feet of built space and 5,079 square feet of additional air rights for a total buildable of 20,025 square feet according to a PincusCo analysis of city data.
The signatory for Hui Li and Wan Tan Chang was Hui Li. The signatory for Wan Tan Chang was Wan Tan Chang. The contract date was May 7, 2025.

Hui Li’s entity Jinde Trading LLC bought this 40 percent stake in 2019 for $3.4 million. Prior to that, Wan Tan Chang’s Fortune Franklin Holding LLC had purchased the four buildings in 2016 for $6 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Wan Tan Chang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hui Li had not purchased any other properties and had not sold any properties over the same time period. Out of the four properties, one with a total of 14,962 square feet of built space generated revenue of $162,725 per year.

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 one DOB violation and $475 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 2.5 times the average sales volume among other neighborhoods with $667.4 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 1.8 times the average amount of major developments relative to other neighborhoods and is the 2nd 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 6 percent of the neighborhood’s built space.

The block

On the tax block of 139-19 Franklin Avenue, PincusCo has identified the owners of three of the 14 commercial properties representing 290,132 square feet of the 359,525 square feet. The largest owner is Nuverse Advisors, followed by Vincent Young and then Renle Xia.
There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 359,525 square feet of built space are elevator buildings, with retail buildings next occupying 10 percent of the space.

Direct link to Acris document. link