Xing Zheng files plans for 20-unit building in Flushing

Xing Zheng submitted a new building construction project for a 20-unit, 20,839 square-foot residential (R-2) building at 140-66 34th Avenue in Flushing, Queens. The plan was filed with the New York City Department of Buildings on March 2, 2023 under job number Q00837158. It calls for the construction of a six-story building. The project is described in the filing as: proposed a 6-story residential building. The architect is Tan Architect P.C.

To clear the site, Xing Zheng submitted a demolition application for the demolition of the one-unit residential (J-3) building at 140-66 34th Avenue in Flushing, Queens. The plan was filed with the New York City Department of Buildings on February 14, 2023 under job number 421815682. It calls for the demolition of a two-story building. The project is described in the filing as: this job is filed for demolition of a 2-story building with attic and cellar.

The property

The property with 1 residential units in Flushing has 2,285 square feet of built space and 15,975 square feet of additional air rights for a total buildable of 18,225 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 50 feet and is 150 feet deep with a total lot size of 7,500 square feet. 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 $1.2 million.

Prior sales and revenue

This property was sold for $3.6 million on January 25, 2023.

Violations and lawsuits

According to city public data, the property has received $480 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 37.8 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 $663.1 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.

The block

On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 363,806 square feet of the 369,418 square feet. The largest owner is Century Development Group, followed by Bluestone Organization and then Ciampa Organization. On the tax block, there were two new building construction projects totaling 44,350 square feet. The largest is a 23-unit, 23,511 square-foot residential (R-2) building submitted by Lin Li with plans filed August 2, 2022 and it has not been permitted yet. The second largest is a 20-unit, 20,839 square-foot residential (R-2) building submitted by Xing Zheng and filed by Xing Zheng with plans filed March 2, 2023 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 140-66 34 Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, three were loans above $5 million totaling $39.6 million. The most recent of the three was S.W. Management in which borrowed $13 million from Signature Bank secured by the 79,050-square-foot, 90-unit rental (D1) on 139-55 35th Avenue on August 2, 2021.

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