Baozhen Lin pays $11.8M to Kornblums for property in Sunset Park

Baozhen Lin paid $11.8 million to the Kornblum family for two properties in Sunset Park in two separate transactions.

In the first, Baozhen Lin through the entity 702 Plaza LLC paid the Kornblums’s 702 54 Street LLC $6.8 million for 702 54th Street in Sunset Park. The deal closed on February 16, 2021 and was recorded on February 26, 2021. The transaction consists of 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 39 residential units. The property is 31,926 square feet. The parcel(s) have total development potential of 31,926 square feet.
The sale price per unit is $174,359..

The contract date was October 19, 2020.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $17,800.

Direct link to Acris document. link

In the second, Baozhen Lin through the entity 5413 Plaza LLC paid the Kornblums family’s 5413 7th Avenue LLC $5 million for 5413 7th Avenue in Sunset Park. The deal closed on February 16, 2021 and was recorded on February 26, 2021. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 32 residential units. The property is 22,236 square feet.
The sale price per unit is $156,250.

The contract date was October 19, 2020.
Direct link to Acris document. link