Kenny Kai Yang pays $1.3M for industrial in East Williamsburg

Kenny Kai Yang through the entity Stagg Street Management, LLC paid $1.3 million to Arthur Rubenstein of Skyline Steel Corp. through the entity 304 Stagg Realty, LLC for the industrial building (E1) at 304 Stagg Street in East Williamsburg, Brooklyn.
The deal closed on August 2, 2022 and was recorded on August 22, 2022.The property has 2,500 square feet of built space for a total buildable of 2,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $510 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 Arthur Rubenstein of Skyline Steel Corp. was Gary Burke. The signatory for Kenny Kai Yang was Kenny Kai Yang. Arthur Rubenstein is the president and founder.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kenny Kai Yang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Skyline Steel Corp. had not purchased any other properties and had not sold any properties over the same time period. The 2,500-square-foot property generated revenue of $61,756 or $25 per square foot, according to the most recent income and expense figures.

The property

The 304 Stagg Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $345,000.

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 neighborhood

In East Williamsburg, the majority, or 63 percent of the 16.3 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 10 percent of the space. In sales, East Williamsburg has 1.4 times the average sales volume among other neighborhoods with $490.5 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, East Williamsburg has 1.3 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Brooklyn. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 115,613 square feet of built space are industrial buildings, with mixed-use buildings next occupying 2 percent of the space.

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