Yimei Zhuo pays $2.8M for mixed-use in North Corona

Yimei Zhuo through the entity 102-11 Zhuo Family LLC paid $2.8 million to Xue Yue Lu and Tony James Pang for the six-unit mixed-use building (S5) at 102-11 37th Avenue in North Corona, Queens.
The deal closed on May 8, 2023 and was recorded on May 18, 2023. The property has 5,104 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $546 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 August 30, 2017, for $950,000. The signatory for Xue Yue Lu and Tony James Pang was Xue Yue Lu. The signatory for Yimei Zhuo was Yimei Zhuo.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yimei Zhuo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Xue Yue Lu had not purchased any other properties and had not sold any properties over the same time period. The 5,104-square-foot property generated revenue of $145,899 or $29 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 6 residential units in North Corona has 5,104 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $446,338.

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 received $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 8, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In North Corona, The bulk, or 29 percent of the 5.3 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 26 percent of the space. In sales, North Corona has had very little sales volume relative to other neighborhoods with $170.5 million in sales volume in the last two years. For development, North Corona has had very little major development activity relative to other neighborhoods.It had 309,782 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 26,917 square feet of the 53,190 square feet. The largest owner is Viking Management, followed by Jesus Vera and then Humberto Tatis.
On the tax block, there was one new building construction project filed totaling 4,994 square feet. It is a six-unit, 4,994 square-foot residential (R-2) building submitted by Xiu Zhang with plans filed January 24, 2018 and permitted June 14, 2019.

The majority, or 63 percent of the 53,190 square feet of built space are walkup buildings, with mixed-use buildings next occupying 37 percent of the space.

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