Bifeng Liu pays $3.2M for mixed-use in Sunset Park

Bifeng Liu through the entity 58 Bk NY LLC paid $3.2 million to Jamal A. Khalil through the entity 5812 8 Ave LLC for the two-unit mixed-use building (S2) at 5812 8th Avenue in Sunset Park, Brooklyn.
The deal closed on August 9, 2023 and was recorded on August 16, 2023. The property has 3,300 square feet of built space and 592 square feet of additional air rights for a total buildable of 3,888 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $969 and the price per buildable square foot is $823 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 seller bought the property on May 7, 2020, for $1.6 million. The signatory for Jamal A. Khalil was Jamal A. Khalil. The signatory for Bifeng Liu was Bifeng Liu. The contract date was March 24, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bifeng Liu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jamal A. Khalil had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jamal Khalil, head officer and Ehab Khalil, site manager. The business entity is 5812 8th Avenue Llc.

The property

The mixed-use building with 2 residential units in Sunset Park has 3,300 square feet of built space and 592 square feet of additional air rights for a total buildable of 3,888 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 square feet. 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 $1.3 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 $1,250 in ECB penalties and $1,300 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 Sunset Park, The bulk, or 30 percent of the 34 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Sunset Park has near average sales volume among other neighborhoods with $409.2 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 89,216 square feet of commercial and multi-family construction under development in the last two years, which represents 0.26 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 seven of the 38 commercial properties representing 30,833 square feet of the 210,093 square feet. The largest owner is Van Lee, followed by Qi Xian Xu Trustee and then M&L Chan Corp.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 210,093 square feet of built space are mixed-use buildings, with walkup buildings next occupying 41 percent of the space.

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