Kai Nam Ng pays $2.7M for industrial in East Williamsburg

Kai Nam Ng through the entity D & N NY LLC paid $2.7 million to Steven Levy, Michael Levy, Alan Collin, and Ina Lane through the entity Ingraham Realty Properties, LLC for the industrial building (F5) at 134 Ingraham Street in East Williamsburg, Brooklyn.
The deal closed on August 21, 2023 and was recorded on September 6, 2023. The property has 5,500 square feet of built space and 10,480 square feet of additional air rights for a total buildable of 16,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $490 and the price per buildable square foot is $168 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 Steven Levy, Michael Levy, Alan Collin, and Ina Lane was Steven Levy, Michael Levy, Alan Collin, and Ina Lane. The signatory for Kai Nam Ng was Kai Nam Ng. The contract date was March 10, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kai Nam Ng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Steven Levy had not purchased any other properties and sold one property in one transaction for a total of $4.4 million over the same time period.

The property

The industrial building in East Williamsburg has 5,500 square feet of built space and 10,480 square feet of additional air rights for a total buildable of 16,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 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 $931,000.

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 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 East Williamsburg, The majority, or 62 percent of the 17 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has near average sales volume among other neighborhoods with $413.3 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, East Williamsburg has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 992,520 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 32,000 square feet of the 129,870 square feet. The identified owner is Abraham J. Hoffman.
There are no active new building construction projects on this tax block.

All properties are industrial.

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