Dyker Heights dev site sells for $8M

The Mondi family sold a six-parcel development site in Dyker Heights, Brooklyn, at 708 to 712 61st Street and 716 to 720 61st Street for $8 million in two transactions. The parcels are contiguous but on 61st Street they do not include 714 61s Street, owned by Hok Doon John Au.
The buyer entity LF 718 Realty, is registered at a Brooklyn address associated with the individual Vivian Li.

In the first transaction, the entity LF 718 Realty, LLC paid $4 million to Mondi family through the entity A.R.M. Parking LLC for the two-unit 1-4 family building (B2) at 712 61st Street and the two-unit 1-4 family building (B2) at 710 61st Street.
The deal closed on September 4, 2024 and was recorded on September 17, 2024. The two properties have 2,408 square feet of built space and 6,296 square feet of additional air rights for a total buildable of 8,702 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,661 and the price per buildable square foot is $459 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.)

In the second transaction, the entity LF 718 Realty, LLC paid $4 million to the Mondi family through the entity A.R.M.Parking, LLC for 708, 716, 718 and 720 61st Street.
The signatory for the Mondi family was Concetta DiTalia. The signatory for the buyer was Vivian Li. The contract date was November 22, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Vivian Li had purchased any other properties and no records it sold any over the past 24 months.
The seller Mondi family had not purchased any other properties and had not sold any properties over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received nine housing violations and $50 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 block

On the tax block of 712 61st Street, PincusCo has identified the owners of three of the 22 commercial properties representing 74,401 square feet of the 393,176 square feet. The two identified owners are Diversified Healthcare Trust and Maguire Capital Group.
On the tax block, there were two new building construction projects totaling 64,924 square feet. The largest is a 113-unit, 62,600 square-foot residential (R-2) building submitted by Joel Werczberger and filed by Joel Werczberger with plans filed June 13, 2022 and it has not been permitted yet. The second largest is a 2,324 square-foot business (B) building submitted by Ya Quan Guan with plans filed May 8, 2019 and permitted January 30, 2024.

The majority, or 62 percent of the 393,176 square feet of built space are office buildings, with specialty buildings next occupying 19 percent of the space.

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