Yeshiva pays $5.5M for dev site in Borough Park

Yeshiva Imrei Chaim Viznitz of Boro Park paid $5.5 million to Pamela Lee, Tianfu Chen, Matthew Li, Timothy Sautsang Lee, and Kenneth Wong through the entity Prosperity Equity LLC for a development site currently occupied by a two-unit 1-4 family building (B1) and garage at 931 41st Street in Borough Park, Brooklyn.
The deal closed on March 30, 2023 and was recorded on April 4, 2023. The property has 1,268 square feet of built space and 13,342 square feet of additional air rights for a total buildable of 14,604 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $4,307 and the price per buildable square foot is $374 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 July 2, 2018, for $3.8 million. The signatory for Pamela Lee, Tianfu Chen, Matthew Li, Timothy Sautsang Lee, and Kenneth Wong was Pamela Lee, Tianfu Chen, Matthew Li, Timothy Sautsang Lee, and Kenneth Wong. The signatory for Yeshiva Imrei Chaim Viznitz of Boro Park was Mayer Taub.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yeshiva Imrei Chaim Viznitz of Boro Park had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pamela Lee purchased one properties in one transactions for a total of $2.3 million and had not sold any properties over the same time period.

The property

The 1-4 family building with 2 residential units in Borough Park has 1,268 square feet of built space and 13,342 square feet of additional air rights for a total buildable of 14,604 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,010 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 $1.2 million. The most recent loan totaled $7.2 million and was provided by Bank of Hope on March 11, 2022.

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 not received any significant violations in the last year.

Development

On the lot, there is one active new building construction project for a 18-unit, 17,651 square-foot R-2 building. The project was submitted by Pamela Lee with plans filed December 13, 2018 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of three of the 11 commercial properties representing 5,040 square feet of the 51,750 square feet. The largest owner is Louis Dicamillo, followed by Gwendolin Chu Aka Gwendolin Ling Ki Fong and then City Of New York.
On the tax block, there was one new building construction project filed totaling 17,651 square feet. It is a 18-unit, 17,651 square-foot residential (R-2) building submitted by Pamela Lee with plans filed December 13, 2018 and it has not been permitted yet.

The majority, or 57 percent of the 51,750 square feet of built space are specialty buildings, with mixed-use buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Pamela Lee owned at least two commercial properties with 12 residential units in New York City with 13,302 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 90 percent of the 13,302 square feet of built space are elevator properties, with B1 properties next occupying 10 percent of the space. They are all located in Brooklyn.

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