Liangqu Zhao pays $2.7M for two industrial properties in Borough Park
Liangqu Zhao through the entity 1037 60 St LLC paid $2.7 million to Battista Marrelli through the entity 8117 Holdings, LLC for the industrial buildings (F5) at 1035 and 1037 60th Street in Borough Park, Brooklyn.
The deal closed on December 8, 2023 and was recorded on January 5, 2024. The two properties have 4,000 square feet of built space for a total buildable of 4,006 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $675 and the price per buildable square foot is $673 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 Battista Marrelli was Battista Marrelli. The contract date was October 9, 2023. The CEO of the LLC is Lianqu Zhao.
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 1035 60th Street.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Liangqu Zhao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Battista Marrelli had not purchased any other properties and had not sold any properties over the same time period.
The property
The industrial buildings in Borough Park has 4,000 square feet of built space for a total buildable of 4,006 square feet according to a PincusCo analysis of city data. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $220,000.
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 10 DOB 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 Borough Park, The bulk, or 25 percent of the 23.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 1.7 times the average sales volume among other neighborhoods with $523.1 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1 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, there was one new building construction project filed totaling 7,142 square feet. It is a three-unit, 7,142 square-foot residential (R-2) building submitted by Alexander Green with plans filed June 30, 2023 and it has not been permitted yet.
The majority, or 32 percent of the 66,094 square feet of built space are industrial buildings, with walkup buildings next occupying 22 percent of the space.
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