Kimchung Chan pays $3.3M for 16-unit walkup in Bensonhurst

Kimchung Chan through the entity Lc 78 Street Realty LLC paid $3.3 million for the 16-unit residential walkup building (C1) at 1624 78th Street in Bensonhurst, Brooklyn.
The deal closed on May 22, 2024 and was recorded on May 31, 2024. The property has 16,350 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $201 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 Cynthia Ciancio, Deborah Latona, Lydia Consolmagno, Marcus DePhillips, and Carolyn DePhillips was Cynthia Ciancio, Deborah Latona, Lydia Consolmagno, Marcus DePhillips, and Carolyn DePhillips. The signatory for Kimchung Chan was Kimchung Chan. The contract date was October 20, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kimchung Chan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Cynthia Ciancio 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 Marcus De Phillips, head officer and Diane De Phillips, officer.

The property

The residential walkup building with 16 residential units in Bensonhurst has 16,350 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 47 feet and is 100 feet deep with a total lot size of 4,724 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $937,000.

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 received four DOB 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 block

On this tax block, PincusCo has identified the owners of two of the 24 commercial properties representing 6,022 square feet of the 98,376 square feet. The two identified owners are Maddalena Esposito and Chang Qing Zheng.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 98,376 square feet of built space are mixed-use buildings, with walkup buildings next occupying 45 percent of the space.

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