Yuu Jung Chol Acquires Development Land In Flushing, Queens For $3.3M

Located at 189-01 Northern Boulevard in Flushing, New York, this development property is situated in the market of Queens. The land spans 10,350 square feet and is zoned for R3-2, allowing for a .6 FAR as-of-right. The recorded price per buildable square foot is $531, setting a new benchmark for the area. The property was sold for $3,300,000, making it an attractive investment opportunity.

Summary of transaction details

• Property Type: Development
• Transaction Amount: $3,300,000
• Lot Size: 10,350 SF
• Zoning: R3-2
• Floor Area Ratio (FAR): 0.6
• Record Price Per Buildable SF: $531

The seller of the property was Barone Properties, while the buyer was Yuu Jung Chol. The transaction was facilitated by Stephen R. Preuss, a broker from CushWake. This successful deal showcases the expertise and negotiation skills of all parties involved.