Yun Gen Yang pays $10.8M for mixed-use in Flushing

Yun Gen Yang and Le Ping Yang through the entity Ng Yang LLC paid $10.8 million to Jack Lee, Un Lin Wang, and Chin Tsua Yang through the entity Wyl Associates LLC for the mixed-use building (K2) at 135-38 Roosevelt Avenue in Flushing, Queens. This parcel is on an unusually shaped lot that is 40 feet by 35 feet. A typical New York City tax parcel is 100 feet deep.
The deal closed on March 13, 2024 and was recorded on March 15, 2024. The property has 3,759 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $2,873 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 Jack Lee, Un Lin Wang, and Chin Tsua Yang was Jack Lee. The signatory for Yun Gen Yang and Le Ping Yang was Yun Gen Yang. The contract date was September 28, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yun Gen Yang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jack Lee had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Flushing has 3,759 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 35 feet deep with a total lot size of 1,400 square feet. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.6 million.

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 five DOB violations and $180 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 $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 3.3 times the average sales volume among other neighborhoods with $941.6 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 2.3 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.2 million 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 34 commercial properties representing 21,675 square feet of the 167,091 square feet. The largest owner is Guo Wei Liang, followed by Chung Ying Wu and then Betsy Mak.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 167,091 square feet of built space are mixed-use buildings, with retail buildings next occupying 22 percent of the space.

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