Wei Chen files plans for 44-unit project in Flushing

Wei Chen submitted a new building construction project for a 44-unit, 47,219 square-foot residential (R-2) building at 35-30 146th Street in Flushing, Queens. The plan was filed with the New York City Department of Buildings on May 1, 2023 under job number Q08049391. It calls for the construction of a seven-story building. The project is described in the filing as: new building. The architect is Raymond Chan Architect, PC.

The property

The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million.

Prior sales and revenue

This property was sold for $9.3 million on July 15, 2015.

The 6,700-square-foot property generated revenue of $277,710 or $41 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received one DOB violation and $330 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

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 near average sales volume among other neighborhoods with $727.3 million in sales volume in the last two years and is the 4th highest in Queens. For development, Flushing has near average amount of major developments among other neighborhoods and is the 5th highest in Queens. It had 2.6 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 development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 475,846 square feet of the 574,547 square feet. The largest owner is Chaim Schweid, followed by Chun Min Kwok and then HCRE Hung & Chong Real Estate. On the tax block, there were three new building construction projects totaling 294,040 square feet. The largest is a 132-unit, 213,270 square-foot residential (R-2) building submitted by W&L Group and filed by Meng Hua Wang with plans filed April 18, 2018 and permitted July 16, 2021. The second largest is a 44-unit, 47,219 square-foot residential (R-2) building submitted by Wei Chen and filed by Wei Chen with plans filed May 1, 2023 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 35-28 146 Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. Of those seven items, one was in new building development. It was a new building permit application filed on October 26, 2021 for a 24,759-square-foot residential (R-2) building with 36 residential units at 35-15 146th Street. One of those seven items was a sale which BLDG Management bought nine condo units in the 64,311-square-foot, 112-unit mixed-use building (RM) on 144-74 Northern Blvd and zero other properties for $86.5 million from Onex Real Estate Partners, SkyView Companies, and J.P. Morgan Global Alternatives on January 30, 2023. Of those seven items, five were loans above $5 million totaling $164.8 million. The most recent of the five was BLDG Management which borrowed $47 million from Dime Community Bank secured by 10 condo units in the 64,311-square-foot, 112-unit mixed-use building (RM) on 144-74 Northern Blvd on January 30, 2023.

Direct link to the property’s ACRIS page and link to DOB NOW portal.