Yanjuan Chen pays $3M to Chao Qun Zou for residential walkup in Flushing

Yanjuan Chen through the entity Fineland Group LLC paid $3 million to Chao Qun Zou through the entity Anthony & Jayden Corporation for eight-unit residential walkup building (C1) at 32-24 137th Street in Flushing, Queens.
The deal closed on October 13, 2022 and was recorded on October 21, 2022. The property has 5,286 square feet of built space and 716 square feet of additional air rights for a total buildable of 5,999 square feet according to PincusCo analysis of city data. The sale price per built square foot is $567 and the price per buildable square foot is $500 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 seller bought the property on June 5, 2015, for $2.1 million. The signatory for Chao Qun Zou was Chao Qun Zou. The signatory for Yanjuan Chen was Yanjuan Chen.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Yanjuan Chen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Chao Qun Zou 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 Chao Qun Zou, head officer and Wenfang Chen, agent. The business entity is Anthony&Jayden Corporation. The 5,286-square-foot property generated revenue of $128,926 or $24 per square foot, according to the most recent income and expense figures.

The property

The 32-24 137th Street parcel has frontage of 19 feet and is 125 feet deep with a total lot size of 2,469 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2017.0 and expires in 2032.0. The city-designated market value for the property in 2022 is $747,000.

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 $75 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 28, 2015. 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 four of the 22 commercial properties representing 29,306 square feet of the 76,141 square feet. The largest owner is Leonard Scarola, followed by Wendy Chen and then Tan Feng Huang.
On the tax block, there were 15 new building construction projects totaling 277,831 square feet. The largest is a 93-unit, 87,709-square-foot R-2 building developed by Leroy Blake with plans filed July 23, 2018 and permitted June 15, 2022. The second largest is a 92-unit, 85,966-square-foot R-2 building developed by Leroy Blake with plans filed April 17, 2017 and it has not been permitted yet.

The majority, or 73 percent of the 66,788 square feet of built space are walkup buildings, with industrial buildings next occupying 27 percent of the space.

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