Wenxin Zhao pays $6.5M to Jiang Zhao for dev site in Flushing

Wenxin Zhao through the entity The One Tower LLC paid $6.5 million to Jiang Zhao through the entity Northern 13770 Properties LLC for the development site (V1) at 137-70 Northern Boulevard in Flushing, Queens. The expected use is ground up development.

On the lot, there is one active new building construction project, 421390408, for a seven-unit, 37,861 square-foot residential (R-2) building. The project was submitted by Jiang Zhao (with the name written Zhao Jiang) with plans filed January 12, 2017. The city approved the plans in 2019 but it has not been permitted.
The sale closed on April 10, 2026 and was recorded on April 17, 2026. The property has zero square feet of built space and 19,440 square feet of additional air rights for a total buildable of 19,440 square feet according to a PincusCo analysis of city data, although the “approved” plan has nearly double that. The sale price per buildable square foot, using the lower 19,440 figure, is $334 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 seller bought the property on January 13, 2012, for $5.1 million. The signatory for Jiang Zhao was Xiao Jiang Hu. The signatory for Wenxin Zhao was Wenxin Zhao. The contract date was March 18, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Wenxin Zhao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jiang Zhao had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 50 feet and is 160 feet deep with a total lot size of 8,000 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $2.7 million.

Transaction Participants

Fuqiang Zhang at The Law Offices Of Fuqiang Zhang Pc participated in the transaction on behalf of the buyer.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

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 2.1 times the average sales volume among other neighborhoods with $730.8 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 4th 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.

The block

On this tax block, PincusCo has identified the owners of 17 of the 56 commercial properties representing 354,455 square feet of the 566,670 square feet. The largest owner is Ciampa Organization, followed by New York Police Department and then Joseph Ciampa.
On the tax block, there were two new building construction projects totaling 110,424 square feet. The largest is a 72,563 square-foot business (B) building submitted by Tian Ji Li with plans filed March 29, 2021 and it has not been permitted yet. The second largest is a seven-unit, 37,861 square-foot residential (R-2) building submitted by Zhao Jiang with plans filed January 12, 2017 and it has not been permitted yet.

The majority, or 34 percent of the 566,670 square feet of built space are elevator buildings, with mixed-use buildings next occupying 26 percent of the space.

Direct link to Acris document. link