Chera family’s Crown Acquisitions pays $4.4M for retail, mixed-use in Sunset Park

The Chera family’s Crown Acquisitions through the entity 5102-5106 5th Realty LLC paid $4.4 million to Lenadea Equities Corp. for the four-unit mixed-use building (K4) at 5102 5th Avenue in Sunset Park, Brooklyn.
The deal closed on November 22, 2022 and was recorded on December 6, 2022. The property has 7,633 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $576 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 signatory for Crown Acquisitions was Isaac Chera.

Prior sales and revenue

The seller had not purchased any other properties and had not sold any properties over the same time period. The business entity is Lenadea Equities, Inc. The 7,633-square-foot property generated revenue of $329,041 or $43 per square foot, according to the most recent income and expense figures.

The property

The 5102 5th Avenue parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,467 square feet. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020.

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 Sunset Park, the bulk, or 31 percent of the 33.7 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 1.3 times the average sales volume among other neighborhoods with $441.1 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 770,234 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 22 commercial properties representing 16,246 square feet of the 145,020 square feet. The largest owner is Fairstead, followed by Hoi Ming Ho and then Li Lan Wu.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 145,020 square feet of built space are mixed-use buildings, with walkup buildings next occupying 33 percent of the space.

Correction: A name was removed for privacy.

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