Jing Chen pays $7.4M for industrial in Greenpoint

Jing Chen through the entity Jin Lin Realty, LLC paid $7.4 million to Vincent Buzzetta through the entity V & M Buzzetta Realty Corp. for the industrial building (E1) at 86 Apollo Street in Greenpoint, Brooklyn, industrial building (E2) at 84 Apollo Street in Greenpoint, Brooklyn, and industrial building (E1) at 88 Apollo Street in Greenpoint, Brooklyn.
The deal closed on October 1, 2025 and was recorded on October 14, 2025. The four properties have 18,080 square feet of built space and 18,080 square feet of additional air rights for a total buildable of 36,160 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $410 and the price per buildable square foot is $205 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 Vincent Buzzetta was Edward J. Bullard Jr. . The signatory for Jing Chen was Jing Chen. The contract date was August 15, 2025.

The purchase was financed with a $5.56 million purchase money mortgage provided by the seller.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jing Chen purchased one property in one transaction for a total of $2 million and has no record it sold any properties over the past 24 months.
The seller Vincent Buzzetta had not purchased any other properties and had not sold any properties over the same time period. The four properties with a total of 18,080 square feet of built space generated revenue of $276,158 per year or $15 per square foot. The sale price per square foot was $411.

The property

The industrial building in Greenpoint has 18,080 square feet of built space and 18,080 square feet of additional air rights for a total buildable of 36,160 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $509,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has 3.2 times the average sales volume among other neighborhoods with $949 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Greenpoint has 1.3 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 1.9 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 the tax block of 86 Apollo Street, PincusCo has identified the owners of three of the 24 commercial properties representing 15,000 square feet of the 104,436 square feet. The largest owner is Aaol Llc, followed by Arkadiusz Krucynski and then Maria J. Codas.
There are no active new building construction projects on this tax block.

All properties are industrial.

The buyer

The PincusCo database currently indicates that Jing Chen owned at least three commercial properties with 21 residential units in New York City with 28,418 square feet and a city-determined market value of $9.2 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from Ponce Bank. Within the portfolio, the bulk, or 71 percent of the 28,418 square feet of built space are elevator properties, with mixed-use properties next occupying 29 percent of the space. The bulk, or 71 percent of the built space, is in Queens, with Manhattan next at 16 percent of the space.

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