Xing Zheng Lin pays $2.3M for 3-family in Flushing
Xing Zheng Lin through the entity 132-52 Hongyi House LLC paid $2.3 million to Miu Hung Chan, Tse Hing Chan, and Sim Kuen Lee Chan through the entity Miu Hung Chan, As Trustee for the three-unit building (C0) at 132-52 Maple Avenue in Flushing, Queens.
The deal closed on October 4, 2023 and was recorded on October 11, 2023. The property has 3,328 square feet of built space and 3,750 square feet of additional air rights for a total buildable of 7,064 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $685 and the price per buildable square foot is $322 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 Miu Hung Chan, Tse Hing Chan, and Sim Kuen Lee Chan was Miu Hung Chan. The signatory for Xing Zheng Lin was Xing Zheng Lin. The contract date was June 20, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Xing Zheng Lin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Miu Hung Chan had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Miu Hung Chan, head officer and Miu Chan, agent. The business entity is Tse Hing Chan/Sim Kuen Le Chan.
The property
The 1-4 family building with 3 residential units in Flushing has 3,328 square feet of built space and 3,750 square feet of additional air rights for a total buildable of 7,064 square feet according to a PincusCo analysis of city data. The parcel has frontage of 29 feet and is 100 feet deep with a total lot size of 2,907 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 $2 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 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 11 commercial properties representing 52,975 square feet of the 165,480 square feet. The two identified owners are Gat Lee and Feng Jin Wang.
On the tax block, there were three new building construction projects totaling 33,037 square feet. The largest is a 19-unit, 16,839 square-foot residential (R-2) building submitted by Ji Juan Lin with plans filed September 1, 2022 and permitted May 3, 2023. The second largest is a eight-unit, 9,492 square-foot residential (R-2) building submitted by Ya Fa Li with plans filed September 27, 2016 and permitted August 28, 2017.
The majority, or 76 percent of the 165,480 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.
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