Jiazong Zhou pays $7.8M to Safdiah family for industrial in Greenwood Heights

Jiazong Zhou through the entity 129 31st St LLC paid $7.8 million to Charles Safdiah, Joyce Safdiah, David Safdiah, Jamie Safdiah, Morris Safdiah, and Alan Safdiah for the industrial building (E1) at 129 31st Street in Greenwood Heights, Brooklyn.
The deal closed on March 21, 2024 and was recorded on March 28, 2024. The property has 15,900 square feet of built space and 14,100 square feet of additional air rights for a total buildable of 30,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $487 and the price per buildable square foot is $258 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 August 25, 2004, for $2.1 million. The signatory for Charles Safdiah, Joyce Safdiah, David Safdiah, Jamie Safdiah, Morris Safdiah, and Alan Safdiah was Charles Safdiah, Joyce Safdiah, David Safdiah, Jamie Safdiah, Morris Safdiah, and Alan Safdiah. The signatory for Jiazong Zhou was Jiazong Zhou. The contract date was August 28, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jiazong Zhou had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Charles Safdiah had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Greenwood Heights has 15,900 square feet of built space and 14,100 square feet of additional air rights for a total buildable of 30,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,000 square feet. The zoning is M1-2D which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $1.9 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 neighborhood

In Greenwood Heights, The bulk, or 37 percent of the 16.2 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 36 percent of the space. In sales, Greenwood Heights has 1.4 times the average sales volume among other neighborhoods with $402.9 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Greenwood Heights has 1.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 11 commercial properties representing 33,831 square feet of the 75,137 square feet. The largest owner is Mohamed A. Hassan, followed by Maheshchand M. Ratanji and then Accel Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 75,137 square feet of built space are industrial buildings, with hotel buildings next occupying 31 percent of the space.

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