Huihui Li pays $2.8M for dev site in Bushwick

Huihui Li paid $2.79 million for a development site at 1538 Myrtle Avenue in Bushwick, Brooklyn, in two separate transactions.

In the first, Huihui Li through the entity Junhui Usa Corp. paid $1.9 million to Andrew C. Boisselle through the entity Caabco, LLC for the development building (V1) at 1538 Myrtle Avenue in Bushwick, Brooklyn. The expected use is ground up development.
The deal closed on January 23, 2025 and was recorded on February 4, 2025. The property has zero square feet of built space and 10,551 square feet of additional air rights for a total buildable of 10,551 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $184 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.)

In the second, Huihui Li through the entity Junhui Usa Corp. paid $0.8 million to Andrew C. Boisselle through the entity Caabco, LLC for the development building (V1) at 387 Palmetto Street in Bushwick, Brooklyn. The expected use is ground up development.
The deal closed on January 23, 2025 and was recorded on February 4, 2025. The property has zero square feet of built space and 3,948 square feet of additional air rights for a total buildable of 3,948 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $212 per the PincusCo analysis.

The signatory for Andrew C. Boisselle was Andrew C. Boisselle. The signatory for Huihui Li was Huihui Li. The contract date was January 6, 2025.

Prior sales and revenue

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

The property

The 1538 Myrtle Avenue parcel has frontage of 28 feet and is 146 feet deep with a total lot size of 4,342 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $316,000.

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 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 Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 1.8 times the average sales volume among other neighborhoods with $476.7 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 775,770 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 11 of the 28 commercial properties representing 42,074 square feet of the 106,577 square feet. The largest owner is Frank Curtin, followed by Mark Goldstein and then MHANY Management.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 106,577 square feet of built space are walkup buildings, with mixed-use buildings next occupying 42 percent of the space.

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