Lian Wu Shao pays $9.2M to Jay Weitzman for industrial in East Williamsburg

Lian Wu Shao through the entity 346 Maujer LLC paid $9.2 million to Jay Weitzman through the entity Sminn Realty LLC for the industrial building (E1) at 346 Maujer Street in East Williamsburg, Brooklyn.
The deal closed on August 9, 2023 and was recorded on August 31, 2023. The property has 24,890 square feet of built space and 14,939 square feet of additional air rights for a total buildable of 39,838 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $367 and the price per buildable 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 seller bought the property on May 16, 2006, for $3 million. The signatory for Jay Weitzman was Jay Weitzman. The signatory for Lian Wu Shao was Lian Wu Shao. The contract date was April 2, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Lian Wu Shao purchased two properties in two transactions for a total of $22 million and has no record it sold any properties over the past 24 months.
The seller Jay Weitzman had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in East Williamsburg has 24,890 square feet of built space and 14,939 square feet of additional air rights for a total buildable of 39,838 square feet according to a PincusCo analysis of city data. The parcel has frontage of 210 feet and is 95 feet deep with a total lot size of 19,919 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $3.5 million. The most recent loan totaled $5.3 million and was provided by TD Bank on March 2, 2020.

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 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 $404.2 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, East Williamsburg has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 992,520 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 this tax block, PincusCo has identified the owners of six of the 22 commercial properties representing 64,482 square feet of the 188,132 square feet. The largest owner is Suzana Potenec, followed by Kalmon Dolgin Affiliates and then Jay Weitzman.
On the tax block, there was one new building construction project filed totaling 5,772 square feet. It is a 5,772 square-foot business (B) building submitted by Leontine Ebers with plans filed February 1, 2017 and permitted January 18, 2018.

The majority, or 90 percent of the 188,132 square feet of built space are industrial buildings, with mixed-use buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Jay Weitzman owned at least two commercial properties with 37 residential units in New York City with 52,730 square feet and a city-determined market value of $9.2 million. (Market value is typically about 50% of actual value.) The portfolio has $16.9 million in debt, borrowed from Popular Bank and TD Bank. Within the portfolio, the bulk, or 53 percent of the 52,730 square feet of built space are elevator properties, with industrial properties next occupying 47 percent of the space. The bulk, or 53 percent of the built space, is in Queens, with Brooklyn next at 47 percent of the space.

The buyer

The PincusCo database currently indicates that Lian Wu Shao owned at least six commercial properties in New York City with 111,901 square feet and a city-determined market value of $14.4 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 70 percent of the 111,901 square feet of built space are industrial properties, with retail properties next occupying 21 percent of the space. The bulk, or 91 percent of the built space, is in Brooklyn, with Queens next at 9 percent of the space.

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