Zheng Sheng Zheng pays $7.9M to Tricap for likely dev site in Flushing

Zheng Sheng Zheng through the entity 146-26 Property Holding LLC paid $7.9 million to Tricap through the entity BCR Associates for the retail building and parking lot (K1) at 146-26 Northern Boulevard in Flushing, Queens. Based on the price per square foot, PincusCo infers this is a development site.
The deal closed on April 29, 2024 and was recorded on May 7, 2024. The property has 3,131 square feet of built space and 22,788 square feet of additional air rights for a total buildable of 25,877 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,523 and the price per buildable square foot is $305 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 Tricap was David Edelstein and Howard Edelstein. The signatory for Zheng Sheng Zheng was Zheng Sheng Zheng. The contract date was March 14, 2024. Tricap was formerly known as Tristar Capital

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Zheng Sheng Zheng purchased one property in one transaction for a total of $4.5 million and has no record it sold any properties over the past 24 months.
The seller Tricap had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Flushing has 3,131 square feet of built space and 22,788 square feet of additional air rights for a total buildable of 25,877 square feet according to a PincusCo analysis of city data. The parcel has frontage of 209 feet and is 63 feet deep with a total lot size of 10,649 square feet. The lot is irregular. 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 $1.8 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 $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 2.7 times the average sales volume among other neighborhoods with $747.1 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 2.1 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.4 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.

The block

On this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 61,880 square feet of the 218,808 square feet. The two identified owners are Thet Lim and S.W. Management.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 218,808 square feet of built space are specialty buildings, with elevator buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Tricap owned at least three commercial properties with 212 residential units in New York City with 211,902 square feet and a city-determined market value of $13 million. (Market value is typically about 50% of actual value.) The portfolio has $19.2 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are elevator properties. The bulk, or 71 percent of the built space, is in Bronx, with Manhattan next at 29 percent of the space.

The buyer

The PincusCo database currently indicates that Zheng Sheng Zheng owned at least one commercial property in New York City with 10,000 square feet and a city-determined market value of $641,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.

Direct link to Acris document. link