Xiang Yu Cao pays $5.1M to NuVerse Advisors for commercial condo in Flushing

Xiang Yu Cao through the entity Guang Rui LLC paid $5.1 million to NuVerse Advisors through the entity 4201 Main St LLC for the commercial condominium unit C101 at 136-18 Maple Avenue in Flushing, Queens.
The deal closed on June 10, 2024 and was recorded on June 25, 2024.
The signatory for NuVerse Advisors was Anthony Ficara. The signatory for Xiang Yu Cao was Xiang Yu Cao. The contract date was November 16, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Xiang Yu Cao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller NuVerse Advisors had not purchased any other properties and sold two properties in two transactions for a total of $4.3 million over the same time period.

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.

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 block

On this tax block, 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 Vincent Young, followed by Renle Xia and then Nuverse Advisors.
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.

The seller

The PincusCo database currently indicates that NuVerse Advisors owned at least four commercial properties with 148 residential units in New York City with 290,696 square feet and a city-determined market value of $9.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 64 percent of the 290,696 square feet of built space are elevator properties, with O8 properties next occupying 28 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Xiang Yu Cao owned at least three commercial properties with 114 residential units in New York City with 109,938 square feet and a city-determined market value of $15.3 million. (Market value is typically about 50% of actual value.) The portfolio has $20 million in debt, borrowed from Preferred Bank. Within the portfolio, the bulk, or 88 percent of the 109,938 square feet of built space are elevator properties, with office properties next occupying 12 percent of the space. They are all located in Queens.

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