Kin Chau Cheng pays $8M to Semel family for warehouse property in Sunset Park

Kin Chau Cheng through the entity NY IWC Management LLC paid Semel family $7.8 million for 4210 2nd Avenue in Sunset Park. The deal closed on November 18, 2019, and was recorded on December 3, 2019. The transaction consists of 1 parcel, including the tax class fireproof warehouse (E1). The property is 19,750 square feet. The parcel(s) have total development potential of 39,982 square feet.
The average sale price per square foot is $195.
The estimated cap rate is 1.3%

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