Bin Chen pays $4.2M to Sheng Lin for industrial in Greenwood Heights

Bin Chen through the entity Tjw 181 LLC paid $4.2 million to Sheng Lin through the entity Lin & Li 7006 Corp. for the midblock industrial building at 181 27th Street in Greenwood Heights, Brooklyn.
The deal closed on May 5, 2022 and was recorded on May 24, 2022. The property has 8,000 square feet of built space and 8,174 square feet of additional air rights for a total buildable of 16,188 square feet according to PincusCo analysis of city data. The sale price per built square foot is $518 and the price per buildable square foot is $256 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 February 3, 2015, for $1.6 million. The signatory for Sheng Lin was Sheng Lin. The signatory for Bin Chen was Bin Chen.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Bin Chen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sheng Lin had not purchased any other properties and had not sold any properties over the same time period. The 8,000-square-foot property generated revenue of $122,104 or $15 per square foot, according to the most recent income and expense figures.

The property

The 181 27th Street parcel has frontage of 80 feet and is 101 feet deep with a total lot size of 8,094 square feet. The zoning is M1-2D which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $625,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Greenwood Heights, the bulk, or 34 percent of the 19.2 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 31 percent of the space. In sales, Greenwood Heights has had very little sales volume relative to other neighborhoods with $97.3 million in sales volume in the last two years. For development, Greenwood Heights has had very little major development activity relative to other neighborhoods.It had 734,025 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 21 commercial properties representing 13,980 square feet of the 121,935 square feet. The two identified owners are Luxstone Partners and Reuven Ben Shabat. There are two active new building construction projects totaling 13,638 square feet. The largest is a N/A-unit, 9,635-square-foot B building developed by Schneur Minsky with plans filed January 31, 2020 and it has not been permitted yet.The second largest is a zero-unit, 4,003-square-foot B building developed by Blaze Bono with plans filed August 5, 2020 and it has not been permitted yet.

the majority, or 36 percent of the 150,030 square feet of built space are industrial buildings, with mixed-use buildings next occupying 21 percent of the space.

Surrounding

Within a 400-foot radius of 181 27th Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Joseph Yunatanov borrowed $11 million from New Millennium Bank secured by the 44,124-square-foot, one-unit hotel (H3) on 764 4th Avenue on March 14, 2022.

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