Yanjuan Chen pays $1.9M for 8-unit walkup in Flushing

Yanjuan Chen through the entity Us Hopefluent LLC paid $1.95 million to Anthony Siy and Rosita Siy for the eight-unit residential walkup building (C1) at 140-25 33rd Avenue in Flushing, Queens.
The deal closed on February 23, 2023 and was recorded on March 2, 2023. The property has 5,470 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $356 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 Anthony Siy and Rosita Siy was Anthony Siy and Rosita Siy. The signatory for Yanjuan Chen was Yanjuan Chen.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yanjuan Chen purchased one property in one transaction for a total of $3 million and has no record it sold any properties over the past 24 months.
The seller Anthony Siy 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 Rosita Siy, joint owner and Anthony Siy, joint owner. The 5,470-square-foot property generated revenue of $119,629 or $22 per square foot, according to the most recent income and expense figures.

The property

The 140-25 33rd Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $703,000.

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

On this tax block, PincusCo has identified the owners of two of the 22 commercial properties representing 39,728 square feet of the 103,684 square feet. The two identified owners are John Chang and Ciampa Organization.
On the tax block, there was one new building construction project filed totaling 36,252 square feet. It is a 32-unit, 36,252-square-foot R-2 building developed by Shalom Zirkiev with plans filed July 12, 2022 and it has not been permitted yet.

The majority, or 35 percent of the 101,728 square feet of built space are elevator buildings, with walkup buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Yanjuan Chen owned at least one commercial property in New York City with 5,286 square feet and a city-determined market value of $747,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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