John Ying Ding pays $2.8M for 2-family in Fort Greene

John Ying Ding through the entity 180 Adelphi LLC paid $2.8 million to Aaron Henshaw, Emily Wheeler, and Carly Strife for the two-unit building (B1) at 180 Adelphi Street in Fort Greene, Brooklyn.
The deal closed on November 21, 2022 and was recorded on December 12, 2022. The property has 2,584 square feet of built space and 165 square feet of additional air rights for a total buildable of 2,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,064 and the price per buildable square foot is $1,000 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 18, 2016, for $2.4 million. The signatory for Aaron Henshaw, Emily Wheeler, and Carly Strife was Aaron Henshaw, Emily Wheeler, and Carly Strife. The signatory for John Ying Ding was John Ying Ding.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer John Ying Ding had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The 180 Adelphi Street parcel has frontage of 13 feet and is 100 feet deep with a total lot size of 1,375 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 31,345 square feet of the 125,209 square feet. The identified owner is G-Way Management.
On the tax block, there were two new building construction projects totaling 35,179 square feet. The largest is a 43-unit, 33,308-square-foot R-2 building developed by Marisol Diaz with plans filed August 23, 2021 and permitted May 9, 2022. The second largest is a one-unit, 1,871-square-foot R-3 building developed by John Bouratoglou with plans filed January 20, 2021 and it has not been permitted yet.

The majority, or 59 percent of the 125,209 square feet of built space are walkup buildings, with elevator buildings next occupying 30 percent of the space.

Direct link to Acris document. link