Li & Li Real Estate pays $2.5M for two walkups in Dyker Heights

Li & Li Real Estate through the entity Li & Li Real Estate LLC paid $2.5 million to Brigitte Misitano for the six-unit residential walkup building (C2) at 1336 Bay Ridge Avenue and six-unit residential walkup building (C2) at 1340 Bay Ridge Avenue in Dyker Heights, Brooklyn.
The deal closed on December 19, 2022 and was recorded on December 29, 2022. The two properties have 10,882 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $229 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 Brigitte Misitano was Brigitte Misitano. The signatory for Li & Li Real Estate was Li Feng Li, Jin Li, Qin Li, and Zhi Li.

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 1336 Bay Ridge Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Li & Li Real Estate had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Brigitte Misitano 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 Brigitte Misitano, head officer and Suzan Piazza, site manager. The business entities are Carriage House Management and Napoli Family Trust. The two properties with a total of 10,882 square feet of built space generated revenue of $178,792 per year or $16 per square foot. The sale price per square foot was $230.

The property

The 1336 Bay Ridge Avenue parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,033 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $864,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $300 in OATH penalties 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 block

On the tax block of 1336 Bay Ridge Avenue, PincusCo has identified the owners of two of the 12 commercial properties representing 15,350 square feet of the 61,312 square feet. The two identified owners are Stephen Beinert and Lulu K. Zhou.

The majority, or 90 percent of the 61,312 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.

Direct link to Acris document. link