Xin Xiang Lin pays $4.7M to complete 3-parcel dev site in Flushing

Xin Xiang Lin paid $4.7 million to two separate home owners, on either side of a property Xin Xiang Lin already owned, making a three-parcel development site in Flushing. Lin already recorded the purchase of 134-15 Franklin Avenue. The price paid per foot indicates this is a development site purchase.
Xin Xiang Lin is an active developer in the city.

In the first of the sales recorded yesterday, Xin Xiang Lin through the entity Flushing Faddism LLC paid $2.7 million to Tu Jui-Mei Cheng through the entity Cheng Tu, Jui-Mei for two-unit 1-4 family building (B1) at 134-11 Franklin Avenue in Flushing, Queens.
The deal closed on February 20, 2023 and was recorded on March 9, 2023.The property has 2,898 square feet of built space and 9,089 square feet of additional air rights for a total buildable of 12,004 square feet according to PincusCo analysis of city data. The sale price per built square foot is $931 and the price per buildable square foot is $224 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.)

In the second, Xin Xiang Lin through the entity Flushing Faddism LLC paid $2 million to Qin Yun Zheng through the entity Zheng, Qin Yun for three-unit 1-4 family building (C0) at 134-17 Franklin Avenue in Flushing, Queens. The deal closed on February 20, 2023 and was recorded on March 9, 2023.The property has 2,760 square feet of built space and 2,288 square feet of additional air rights for a total buildable of 5,054 square feet according to PincusCo analysis of city data. The sale price per built square foot is $724 and the price per buildable square foot is $395 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 signatory for Tu Jui-Mei Cheng was Tu Jui-Mei Cheng. The signatory for Xin Xiang Lin was Xin Xiang Lin.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Xin Xiang Lin purchased two properties in two transactions for a total of $5.7 million and has no record it sold any properties over the past 24 months.
The seller Tu Jui-Mei Cheng had not purchased any other properties and had not sold any properties over the same time period.

The property

The 134-11 Franklin Avenue parcel has frontage of 29 feet and is 130 feet deep with a total lot size of 4,940 square feet. The lot is irregular. 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 $1.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $50 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 $5 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

All properties are elevator.

The buyer

The PincusCo database currently indicates that Xin Xiang Lin owned at least four commercial properties in New York City with 174,231 square feet and a city-determined market value of $14.7 million. (Market value is typically about 50% of actual value.) The portfolio has $87.8 million in debt, with top three lenders as Cathay Bank, Popular Bank, and Amerasia Bank respectively. Within the portfolio, the bulk, or 95 percent of the 174,231 square feet of built space are elevator properties, with walkup properties next occupying 3 percent of the space. The bulk, or 97 percent of the built space, is in Queens, with Manhattan next at 3 percent of the space.

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