Xiang Wei Zhou pays $4.2M to Santander Bank for office in Astoria

Xiang Wei Zhou through the entity Hung Yuen Holdings Inc. paid $4.2 million to Santander Bank through the entity Santander Bank, N.A. for the office building (O5) at 37-10 Broadway in Astoria, Queens. The expected use is cash flowing.
The deal closed on April 15, 2026 and was recorded on May 7, 2026. The property has 10,275 square feet of built space and 5,853 square feet of additional air rights for a total buildable of 16,110 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $405 and the price per buildable square foot is $258 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 30, 2009, for $50.9 million. The signatory for Santander Bank was Michael Kuronen . The contract date was March 12, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Xiang Wei Zhou had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Santander Bank had not purchased any other properties and sold two properties in two transactions for a total of $4.2 million over the same time period. The 10,275-square-foot property generated revenue of $487,652 or $47 per square foot, according to the most recent income and expense figures.

The property

The office building in Astoria has 10,275 square feet of built space and 5,853 square feet of additional air rights for a total buildable of 16,110 square feet according to a PincusCo analysis of city data. The parcel has frontage of 53 feet and is 100 feet deep with a total lot size of 5,370 square feet. The zoning is C4-2A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.4 million.

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 received $1,400 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 Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.4 times the average sales volume among other neighborhoods with $850 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 1.5 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.4 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. There were 39 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 16 commercial properties representing 28,892 square feet of the 91,526 square feet. The largest owner is John Caruso, followed by Stelios Banagor and then Emanuel Magnioles.
On the tax block, there was one new building construction project filed totaling 14,740 square feet. It is a 16-unit, 14,740 square-foot residential (R-2) building submitted by Salvatore Lucchese with plans filed March 17, 2022 and permitted January 25, 2024.

The majority, or 63 percent of the 91,526 square feet of built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space.

Direct link to Acris document. link