Zengwen Ye pays $2.2M for 2nd parcel of dev site in Astoria

Zengwen Ye through the entity Wp08 LLC paid $2.2 million for a second property composing a development site at 31-08 31st Avenue in Astoria, Queens. The expected use is ground up development. Zengwen Ye bought the adjacent property 31-10 31st Avenue on the same day from the same sellers in a transaction recorded a few days earlier, paying $4.16 million.
The deal closed on June 16, 2025 and was recorded on July 1, 2025. The property has 1,400 square feet of built space and 2,639 square feet of additional air rights for a total buildable of 4,033 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,600 and the price per buildable square foot is $555 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 signatories for the sellers were Sophia Tsaltas and Ourania Theoharakis. The signatory for Zengwen Ye was Zengwen Ye. The contract date was March 3, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Zengwen Ye purchased one property in one transaction for a total of $4.16 million and has no record it sold any properties over the past 24 months.
The seller Sophia Tsaltas had not purchased any other properties and sold one property in one transaction for a total of $4.2 million over the same time period.

The property

The 1-4 family building with 2 residential units in Astoria has 1,400 square feet of built space and 2,639 square feet of additional air rights for a total buildable of 4,033 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 83 feet deep with a total lot size of 1,660 square feet. The zoning is C4-3 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 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 not received any significant violations 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 block

On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 84,239 square feet of the 189,919 square feet. The largest owner is Stefanos Calamaras, followed by Steelpoint Property Group and then Seung Hyoup Kwak.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 189,919 square feet of built space are walkup buildings, with retail buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Zengwen Ye owned at least six commercial properties with 115 residential units in New York City with 25,240 square feet and a city-determined market value of $8.1 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from Amerasia Bank. Within the portfolio, the bulk, or 88 percent of the 25,240 square feet of built space are elevator properties, with C0 properties next occupying 12 percent of the space. They are all located in Queens.

Direct link to Acris document. link