Yuan Pei Zheng pays $1.9M for 3-family in Corona

Yuan Pei Zheng through the entity Yz Real Property LLC paid $1.9 million to Joy Deb Dey through the entity Biresh Inc. for the newly constructed, three-unit, semi-attached building (C0) at 108-43 48th Avenue in Corona, Queens.
The deal closed on June 12, 2024 and was recorded on June 20, 2024. The property has 3,230 square feet of built space and 408 square feet of additional air rights for a total buildable of 3,645 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $586 and the price per buildable square foot is $519 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 Joy Deb Dey was Sunil K. Agarwal. The signatory for Yuan Pei Zheng was Yuan Pei Zheng. The contract date was March 14, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yuan Pei Zheng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joy Deb Dey had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 3 residential units in Corona has 3,230 square feet of built space and 408 square feet of additional air rights for a total buildable of 3,645 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 2,916 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $333,000.

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 received $25 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 9, 2024. 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 one of the six commercial properties representing 51,865 square feet of the 76,915 square feet. The identified owner is Nyc Department Of Education.

The majority, or 67 percent of the 76,915 square feet of built space are specialty buildings, with walkup buildings next occupying 22 percent of the space.

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