Yin Chou Hu pays $9M for potential dev site in Flushing

Yin Chou Hu through the entity Northern Plaza LLC paid $9 million to the entity Ric Rac North L.L.C for the retail building (K1) at 146-13 Northern Boulevard in Flushing, Queens. The expected use is ground up development, as it was marketed as a potential development site.
The deal closed on May 19, 2026 and was recorded on June 4, 2026. The property has 1,710 square feet of built space and 21,541 square feet of additional air rights for a total buildable of 23,264 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $5,263 and the price per buildable square foot is $386 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 Richard Berkley and Carol Berkley was Benjamin Brash . The signatory for Yin Chou Hu was Yin Chou Hu. The contract date was February 20, 2026.

Traded reported the sale as a development site. Cushman & Wakefield was marketing it on Crexi as well.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Yin Chou Hu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Richard Berkley had not purchased any other properties and sold one property in one transaction for a total of $3.8 million over the same time period.

The property

The retail building in Flushing has 1,710 square feet of built space and 21,541 square feet of additional air rights for a total buildable of 23,264 square feet according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 147 feet deep with a total lot size of 9,574 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 $970,000.

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

For the tax lot building, it received its initial certificate of occupancy on January 3, 2017. 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 Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.1 times the average sales volume among other neighborhoods with $742.5 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 45,800 square feet of the 60,036 square feet. The two identified owners are Jerry Wang and Steve S. Cheung.
On the tax block, there were two new building construction projects totaling 62,698 square feet. The largest is a 34-unit, 37,939 square-foot residential (R-2) building submitted by Fuzhou Development and filed by Yong Chen with plans filed February 22, 2018 and it has not been permitted yet. The second largest is a 36-unit, 24,759 square-foot residential (R-2) building submitted by Jerry Wang and filed by Jerry Wang with plans filed October 26, 2021 and permitted July 27, 2022.

The majority, or 42 percent of the 60,036 square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Yin Chou Hu owned at least seven commercial properties with 182 residential units in New York City with 129,266 square feet and a PincusCo-determined asset value of $85.9 million. The portfolio has $58.9 million in debt, with top three lenders as Cathay Bank, Wells Fargo, and Amerasia Bank respectively. Within the portfolio, the bulk, or 69 percent of the 129,266 square feet of built space are D7 properties, with hotel properties next occupying 21 percent of the space.

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