Fung-Lum Lo pays $2.2M for 3-family building in Fort Greene
Fung-Lum M. Lo through the entity 736 Fulton LLC paid $2.2 million to Adrian Jones for the three-family building (C0) at 736 Fulton Street in Fort Greene, Brooklyn.
The deal closed on June 14, 2023 and was recorded on June 22, 2023. The property has 2,700 square feet of built space and 5,356 square feet of additional air rights for a total buildable of 8,046 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $814 and the price per buildable square foot is $273 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 Fung-Lum M. Lo was Fung-Lum M. Lo.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Fung-Lum M. Lo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Adrian Jones had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Adrian Jones, individual owner and Nora Krantz, site manager.
The property
The 3-family building with 3 residential units in Fort Greene has 2,700 square feet of built space and 5,356 square feet of additional air rights for a total buildable of 8,046 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 117 feet deep with a total lot size of 2,339 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 1997 and expires in 2022. The city-designated market value for the property in 2022 is $2.2 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. 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 $1 million on this tax lot.
The block
There are no active new building construction projects on this tax block.
The majority, or 100 percent of the 93,171 square feet of built space are specialty buildings, with development buildings next occupying 0 percent of the space.
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