Lian Wu Shao pays $22M to Lester Weiss for industrial buildings in East Williamsburg

Lian Wu Shao pays $22 million to Lester Weiss for several industrial buildings in East Williamsburg facing each other across Frost Street in two separate transactions.

In the first, Lian Wu Shao through the entity Vandervoort Property LLC paid $13.5 million to Lester Weiss through the entity Leswys Realty Corp. for industrial building at 419 Vandervoort Avenue in East Williamsburg, Brooklyn.
The deal closed on January 19, 2022 and was recorded on January 27, 2022.
The property has 43,750 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $308 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 Lester Weiss was Lester Weiss . The signatory for Lian Wu Shao was Lian Wu Shao.
Prior to this transaction, the buyer Lian Wu Shao purchased at least two properties in two transactions for a total of $14.5 million and had not sold any properties over the past 24 months.

The 43,750-square-foot property generated revenue of $611,753 or $14 per square foot, according to the most recent income and expense figures.

Lian Wu Shao is the same signatory as here. Other individuals associated with the registration address in Queens are William Zeng Zhang Shao and Qin Zhou Chen.

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In the second building, Lian Wu Shao through the entity 429 Property LLC paid $8.5 million to Lester Weiss through the entity Leswys Realty Corp for industrial building at 429 Vandervoort Avenue in East Williamsburg, Brooklyn.
The deal closed on January 19, 2022 and was recorded on January 27, 2022.
The property has 34,100 square feet of built space and 1,050 square feet of additional air rights for a total buildable of 35,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $249 and the price per buildable square foot is $242 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 Lester Weiss was Lester Weiss . The signatory for Lian Wu Shao was Lian Wu Shao.

The 34,100-square-foot property generated revenue of $405,035 or $12 per square foot, according to the most recent income and expense figures.

In East Williamsburg, the majority, or 58 percent of the 17.8 million square feet of built space are industrial buildings, with residential walkup buildings next occupying 9 percent of the space. In sales, East Williamsburg has 1.2 times the average sales volume among other neighborhoods with $335.5 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, East Williamsburg has 1.4 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
On the tax block, all properties are industrial.

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