Li Lan Wu pays $3.4M for 5-unit mixed-use in Sunset Park

Li Lan Wu through the entity 819 Group Inc. paid $3.4 million to Man-Sing Cheung and Josephine Lomangino Cheung through the entity Jo Man Corp. for the five-unit mixed-use building (S9) at 819 54th Street in Sunset Park, Brooklyn.
The deal closed on June 6, 2024 and was recorded on July 2, 2024. The property has 6,395 square feet of built space and 106 square feet of additional air rights for a total buildable of 6,490 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $528 and the price per buildable square foot is $520 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 Man-Sing Cheung and Josephine Lomangino Cheung was Man-Sing Cheung and Josephine Lomangino Cheung. The signatory for Li Lan Wu was Wu Li Lan. The contract date was January 11, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Li Lan Wu purchased two properties in two transactions for a total of $3 million and has no record they sold any properties over the past 24 months.
The seller Man-Sing Cheung 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 Man Sing Cheung, head officer and Josephine Lomangino-Cheung, shareholder. The business entity is Jo Man Corp.

The property

The mixed-use building with 5 residential units in Sunset Park has 6,395 square feet of built space and 106 square feet of additional air rights for a total buildable of 6,490 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,671 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. 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 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 Sunset Park, The bulk, or 30 percent of the 35 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 26 percent of the space. In sales, Sunset Park has 1.5 times the average sales volume among other neighborhoods with $388.7 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 52,519 square feet of commercial and multi-family construction under development in the last two years, which represents 0.15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 17 commercial properties representing 9,060 square feet of the 90,919 square feet. The two identified owners are Shu Min Shi and Eric Y. Szeto.
On the tax block, there were three new building construction projects totaling 39,621 square feet. The largest is a 18-unit, 16,788 square-foot residential (R-2) building submitted by Mei Shing Cheng|Mei Xin Zheng and filed by Cheng Mei Shing with plans filed March 17, 2010 and permitted April 2, 2014. The second largest is an eight-unit, 12,024 square-foot residential (R-2) building submitted by Ren Da Chen with plans filed May 6, 2021 and permitted March 21, 2023.

The majority, or 63 percent of the 90,919 square feet of built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Li Lan Wu owned at least 28 commercial properties with 147 residential units in New York City with 185,426 square feet and a city-determined market value of $35.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 185,426 square feet of built space are mixed-use properties, with elevator properties next occupying 24 percent of the space. The bulk, or 97 percent of the built space, is in Brooklyn, with Queens next at 3 percent of the space.

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