Li Fang Ruan pays $9.6M for three properties in East Williamsburg
Li Fang Ruan through the entity Yang Creations LLC paid $9.6 million to a group of tenant-in-common owners including Cjc Cotard LLC for the industrial building (E1) at 20 Anthony Street in East Williamsburg, Brooklyn, specialty building (Z9) at 30 Anthony Street in East Williamsburg, Brooklyn, and specialty building (Z9) at 509 Vandervoort Avenue in East Williamsburg, Brooklyn. The prior signatory for the seller entities was Barry Haskell.
The deal closed on April 16, 2024 and was recorded on May 1, 2024. The three properties have 10,000 square feet of built space and 19,998 square feet of additional air rights for a total buildable of 29,997 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $960 and the price per buildable square foot is $320 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 sellers was Kevin Neveloff. The signatory for Li Fang Ruan was Li Fang Ruan. The contract date was February 20, 2024.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 20 Anthony Street.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Li Fang Ruan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Barry Haskell had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, one with a total of 10,000 square feet of built space generated revenue of $155,044 per year.
The property
The industrial building in East Williamsburg has 10,000 square feet of built space and 19,998 square feet of additional air rights for a total buildable of 29,997 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 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 $1.5 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 $290.9 million in sales volume in the last two years and is the 27th highest in Brooklyn. For development, East Williamsburg has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 974,710 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 the tax block of 20 Anthony Street, PincusCo has identified the owners of one of the six commercial properties representing 20,000 square feet of the 56,000 square feet. The identified owner is Haidong Weng.
There are no active new building construction projects on this tax block.
The majority, or 100 percent of the 56,000 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.
Direct link to Acris document. link