Francisco Ji pays $4.8M for East Williamsburg property lost in tax lien foreclosure

Francisco Ji through the entity Metropolitan Nbd, LLC paid $4.8 million to an entity that took control from the Chinese American Trading Company that lost the property in a tax lien foreclosure for industrial (E9) at 884 Metropolitan Avenue in East Williamsburg, Brooklyn.
The deal closed on June 16, 2021 and was recorded on July 21, 2021.
The property has 9,850 square feet of built space and 9,850 square feet of additional air rights for a total buildable of 19,700 square feet according to PincusCo analysis of city data. The sale price per built square foot is $492 and the price per buildable square foot is $246 per the PincusCo analysis.
The signatory for Chinese American Trading Company lost in tax lien foreclosure was Gregory T. Cerchione Esq. The signatory for Francisco Ji was Francisco Ji.

Within a 400-foot radius of 884 Metropolitan Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was in new building development. It was a new building permit issued on June 8, 2021 for a 14,982-square-foot residential R-2 building with 22 residential units at 870 Metropolitan Avenue.
Of those eight items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $394,746.0 and one initial temporary certificate of occupancy issuance for a project that initially costed $4.0 million. The most recent of these two items was the temporary certificate of occupancy on August 18, 2020 for a 0-square-foot R-2 building with 32 residential units at 850 Metropolitan Avenue.
Of those eight items, five were loans above $5 million totaling $67.5 million. The most recent of the five was Yoseph Manor which borrowed $9.4 million from Israel Discount Bank of New York secured by the 7,500-square-foot, eight-unit rental (C1) on 64 Maspeth Avenue and two other properties on June 23, 2021.

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