Kelly Wu Zheng pays $3.5M for two mixed-use buildings in Bay Ridge

Kelly Wu Zheng paid $3.55 million to the estate of Yvonne Papacostopoulos and Steve Papacostas for two mixed-use buildings in Bay Ridge, Brooklyn in two transactions.

In the first, Kelly Wu Zheng through the entity 7913 Inc. paid $1.55 million to the estate of Yvonne Papacostopoulos and Steve Papacostas through for the two-unit mixed-use building (S2) at 7913 5th Avenue in Bay Ridge, Brooklyn.
The deal closed on March 23, 2023 and was recorded on April 7, 2023. The property has 3,135 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $494 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.)

In the second, Kelly Wu Zheng through the entity 7905 Inc. paid $1.5 million to the estate of Yvonne Papacostopoulos and Steve Papacostas for the two-unit mixed-use building (S2) at 7905 5th Avenue in Bay Ridge, Brooklyn. The deal closed on March 23, 2023 and was recorded on April 7, 2023. The property has 3,135 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $478 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 the estate of Yvonne Papacostopoulos and Steve Papacostas was Steve Papacostas and Stefanie Duck. The signatory for Kelly Wu Zheng was Kelly Wu Zheng.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kelly Wu Zheng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yvonne Papacostopoulos had not purchased any other properties and sold one properties in one transactions for a total of $1.4 million over the same time period.

The property

The mixed-use building with 2 residential units in Bay Ridge has 3,135 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 75 feet deep with a total lot size of 1,424 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 $1.3 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 $50 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 Bay Ridge, The bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has 1.7 times the average sales volume among other neighborhoods with $582.4 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 267,978 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 26 commercial properties representing 48,540 square feet of the 117,544 square feet. The largest owner is Zhong Qin Yu, followed by Yahya Alsubai and then Maria Kostakos.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 117,544 square feet of built space are walkup buildings, with mixed-use buildings next occupying 34 percent of the space.

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