Lian Wu Shao pays $5.5M for Bed-Stuy bank building unsold for more than 100 years

Lian Wu Shao through the entity 880 Quincy LLC paid $5.5 million to Bank of America for the 105-year-old bank building (O9) at 880 Quincy Street in Bedford Stuyvesant, Brooklyn, as well as three other adjacent properties. The building is not a city landmark.
The deal closed on March 12, 2024 and was recorded on March 22, 2024. The four properties have 5,376 square feet of built space and 28,278 square feet of additional air rights for a total buildable of 33,654 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,024 and the price per buildable square foot is $163 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 Bank of America was Kathleen M. Luongo. The signatory for Lian Wu Shao was Lian Wu Shao. The contract date was January 8, 2024. The Peoples National Bank of Brooklyn constructed this building at 880 Quincy Street and moved into it in 1919, according to a New York State Supreme Court affidavit from 1930. Bank of America acquired the building through various mergers and acquisitions of banks. The 880 Quincy Street property has not sold since at least 1919.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Lian Wu Shao purchased one property in one transactions for a total of $9.2 million and sold one property in one transactions for a total of $2.5 million over the past 24 months.
The seller Bank of America had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Bedford Stuyvesant has 5,376 square feet of built space and 28,278 square feet of additional air rights for a total buildable of 33,654 square feet according to a PincusCo analysis of city data. The parcel has frontage of 44 feet and is 100 feet deep with a total lot size of 5,376 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $548,000.

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 received one DOB violation 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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has 4.1 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 2nd highest in Brooklyn. For development, Bedford Stuyvesant has 2.4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 880 Quincy Street, PincusCo has identified the owners of one of the 13 commercial properties representing 1,825 square feet of the 39,906 square feet. The identified owner is Alhanshali.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 39,906 square feet of built space are mixed-use buildings, with retail buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Lian Wu Shao owned at least seven commercial properties in New York City with 136,791 square feet and a city-determined market value of $17.9 million. (Market value is typically about 50% of actual value.) The portfolio has $39.7 million in debt, borrowed from Popular Bank and Lester Weiss. Within the portfolio, the bulk, or 75 percent of the 136,791 square feet of built space are industrial properties, with retail properties next occupying 18 percent of the space. The bulk, or 93 percent of the built space, is in Brooklyn, with Queens next at 7 percent of the space.

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