Eling Zhang pays $1.9M for retail in Bensonhurst

Eling Zhang through the entity Legend 8024 Realty LLC paid $1.9 million to Antonella Bartoli through the entity 8204 18th Avenue LLC for retail building (K2) at 8204 18th Avenue in Bensonhurst, Brooklyn.
The deal closed on February 15, 2023 and was recorded on February 24, 2023. The property has 3,672 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $517 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 April 13, 2005, for $722,000. The signatory for Antonella Bartoli was Antonella Bartoli. The signatory for Eling Zhang was Eling Zhang.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Eling Zhang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Antonella Bartoli had not purchased any other properties and had not sold any properties over the same time period. The 3,672-square-foot property generated revenue of $83,097 or $23 per square foot, according to the most recent income and expense figures.

The property

The 8204 18th Avenue parcel has frontage of 27 feet and is 101 feet deep with a total lot size of 1,350 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $394,000.

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 Bensonhurst, the bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has near average sales volume among other neighborhoods with $304.8 million in sales volume in the last two years and is the 24th highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods. It had 377,004 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 six of the 29 commercial properties representing 48,091 square feet of the 175,157 square feet. The largest owner is Peter Giasemis, followed by Mladen Solar and then Lian Wu Shao.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 175,157 square feet of built space are retail buildings, with industrial buildings next occupying 25 percent of the space.

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