Guan Yu Li pays $4.3M to Joseph Brunner for dev site in Dyker Heights

Guan Yu Li through the entity 6418 8th Ave Realty LLC paid $4.3 million to Joseph Brunner through the entity 65 On 8 LLC for the development site at 6418 8th Avenue in Dyker Heights, Brooklyn.
The deal closed on August 29, 2023 and was recorded on September 14, 2023. The property has a total buildable of 8,000 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $537 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 December 22, 2022, for $2.5 million. The signatory for Joseph Brunner was Joseph Brunner. The signatory for Guan Yu Li was Guan Yu Li. The contract date was July 7, 2023.

Prior sales and revenue

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

The property

The parcel has frontage of 100 feet and is 80 feet deep with a total lot size of 8,000 square feet. 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 $728,000.

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 received $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 neighborhood

In Dyker Heights, The bulk, or 30 percent of the 7.1 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 26 percent of the space. In sales, Dyker Heights has had very little sales volume relative to other neighborhoods with $138.9 million in sales volume in the last two years. For development, Dyker Heights has had very little major development activity relative to other neighborhoods.It had 629,149 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 17 commercial properties representing 5,101 square feet of the 199,916 square feet. The two identified owners are Luba Perlman and Bruman Realty.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 199,916 square feet of built space are industrial buildings, with office buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Joseph Brunner owned at least three commercial properties with 20 residential units in New York City with 26,090 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $29.2 million in debt, borrowed from Parke Bank and Bank Leumi. Within the portfolio, the bulk, or 59 percent of the 26,090 square feet of built space are walkup properties, with development properties next occupying 41 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Guan Yu Li owned at least two commercial properties with 138 residential units in New York City with 248,429 square feet and a city-determined market value of $49.2 million. (Market value is typically about 50% of actual value.) The portfolio has $76.6 million in debt, with top three lenders as Madison Realty Capital, 360 Capital Funding, and Goodman Capital respectively. Within the portfolio, the bulk, or 91 percent of the 248,429 square feet of built space are elevator properties, with M4 properties next occupying 9 percent of the space. They are all located in Brooklyn.

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