Jin Hu pays $2.2M to church for industrial in Borough Park

Jin Hu through the entity 1227 Investor LLC paid $2.2 million to Church Of Grace To Fujianese through the entity The Church Of Grace To Fujianese New York Inc. for the industrial building (F5) at 1227 60th Street in Borough Park, Brooklyn.
The deal closed on March 29, 2024 and was recorded on April 5, 2024. The property has 5,300 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $411 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 15, 2019, for $2.2 million. The signatory for Church Of Grace To Fujianese was Kin Chan. The signatory for Jin Hu was Jin Hu. The contract date was May 19, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jin Hu purchased two properties in two transactions for a total of $6.2 million and has no record it sold any properties over the past 24 months.
The seller Church of Grace to Fujianese purchased three properties in two transactions for a total of $7.5 million and had not sold any properties over the same time period.

The property

The industrial building in Borough Park has 5,300 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,006 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 $406,000.

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 $80 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 Borough Park, The bulk, or 25 percent of the 23.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2 times the average sales volume among other neighborhoods with $555.4 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 970,703 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 19 commercial properties representing 30,180 square feet of the 63,051 square feet. The two identified owners are Yehoshia Sturm and Shimon Kon.
On the tax block, there was one new building construction project filed totaling 3,606 square feet. It is a three-unit, 3,606 square-foot residential (R-2) building submitted by David Weisz with plans filed September 4, 2019 and permitted November 17, 2021.

The majority, or 33 percent of the 63,051 square feet of built space are office buildings, with walkup buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Church Of Grace To Fujianese owned at least three commercial properties with one residential unit in New York City with 15,490 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 15,490 square feet of built space are M1 properties, with specialty properties next occupying 32 percent of the space. The bulk, or 50 percent of the built space, is in Brooklyn, with Queens next at 50 percent of the space.

The buyer

The PincusCo database currently indicates that Jin Hu owned at least two commercial properties with nine residential units in New York City with 9,397 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 9,397 square feet of built space are mixed-use properties, with walkup properties next occupying 48 percent of the space. They are all located in Brooklyn.

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