Jing Wei Zeng, Wei Ying Zen pay $3.1M for 6-unit walkup in Prospect Heights

Jing Wei Zeng and Wei Ying Zen through the entity Dz818 Bergen LLC paid $3.1 million to Daniel Zuckerman through the entity 673 Fifth Partners LLC for the six-unit residential walkup building (C2) at 536 Bergen Street in Prospect Heights, Brooklyn.
The deal closed on January 23, 2024 and was recorded on February 6, 2024. The property has 5,826 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $540 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 October 3, 2018, for $3.2 million. The signatory for Daniel Zuckerman was Daniel Zuckerman. The signatory for Jing Wei Zeng and Wei Ying Zen was Jing Wei Zeng and Wei Ying Zen. The contract date was October 10, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jing Wei Zeng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Daniel Zuckerman had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jason Greenberg, head officer and David Cohen, agent. The business entities are Judith Drive Llc and 673 Fifth Partners Llc.

The property

The residential walkup building with 6 residential units in Prospect Heights has 5,826 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,699 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Prospect Heights Historic District. The city-designated market value for the property in 2022 is $2.6 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 received one DOB violation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 27, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 30 commercial properties representing 34,508 square feet of the 154,795 square feet. The largest owner is Stuart Venner, followed by Greenbrook Partners and then Firebird Grove.
On the tax block, there was one new building construction project filed totaling 4,374 square feet. It is a one-unit, 4,374 square-foot residential (R-3) building submitted by Mark Landrey with plans filed May 12, 2014 and it has not been permitted yet.

The majority, or 53 percent of the 154,795 square feet of built space are walkup buildings, with mixed-use buildings next occupying 40 percent of the space.

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