Fei Lin pays $4.8M for corner retail in Bensonhurst

Fei Lin through the entity 8521 18th Avenue LLC paid $4.8 million to Rama Hakaj and Ramiz Hakaj for the corner retail building (K4) at 8521 18th Avenue in Bensonhurst, Brooklyn. The parcel is composed of two buildings.
The deal closed on July 8, 2022 and was recorded on July 20, 2022. The property has 5,159 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $940 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 November 7, 2006, for $1.5 million. The signatory for Rama Hakaj and Ramiz Hakaj was Rama Hakaj and Ramiz Hakaj. The signatory for Fei Lin was Fei Lin.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Fei Lin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rama Hakaj had not purchased any other properties and had not sold any properties over the same time period. The 5,159-square-foot property generated revenue of $209,443 or $41 per square foot, according to the most recent income and expense figures.

The property

The 8521 18th Avenue parcel has frontage of 38 feet and is 75 feet deep with a total lot size of 2,830 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1 million.

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 received $280 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 $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 had very little sales volume relative to other neighborhoods with $184.1 million in sales volume in the last two years. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 365,790 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 one of the 27 commercial properties representing 2,356 square feet of the 86,863 square feet. The identified owner is Gail Patricia Schecter. There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 86,863 square feet of built space are mixed-use buildings, with retail buildings next occupying 34 percent of the space.

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