Haidong Weng pays $4.6M to Tian Fang Su for industrial in East Williamsburg

Haidong Weng through the entity 4901 Grand Ave Property LLC paid $4.6 million to Tian Fang Su through the entity 538 Morgan Realty LLC for the industrial building (F4) at 540 Morgan Avenue in East Williamsburg, Brooklyn.
The deal closed on March 23, 2023 and was recorded on April 4, 2023. The property has 20,000 square feet of built space for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $230 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 Tian Fang Su was Tian Fang Su. The signatory for Haidong Weng was Haidong Weng.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Haidong Weng had purchased any other properties and sold one property in one transactions for a total of $5.9 million over the past 24 months.
The seller Tian Fang Su had not purchased any other properties and had not sold any properties over the same time period. The 20,000-square-foot property generated revenue of $337,400 or $17 per square foot, according to the most recent income and expense figures.

The property

The industrial building in East Williamsburg has 20,000 square feet of built space for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 20,000 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 $1.8 million. The most recent loan totaled $5.5 million and was provided by Stelling Su on July 28, 2022.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was an $8 million money judgment concerning a sale filed on December 7, 2022, by Haidong Weng against Dian Kui Su, Qing Mei Zhao, Tian Fang Su, and Stelling Su. 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 neighborhood

In East Williamsburg, The majority, or 62 percent of the 17 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has 1.3 times the average sales volume among other neighborhoods with $445 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, East Williamsburg has 1.3 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Brooklyn. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 20,000 square feet of the 56,000 square feet. The identified owner is Tian Fang Su.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 56,000 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Tian Fang Su owned at least five commercial properties with eight residential units in New York City with 30,619 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 30,619 square feet of built space are industrial properties, with A3 properties next occupying 13 percent of the space. The bulk, or 65 percent of the built space, is in Brooklyn, with Queens next at 35 percent of the space.

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