Linda Qin Lin pays $3.2M for retail in Bensonhurst

Linda Qin Lin through the entity Son Xiong Di Realty LLC paid $3.2 million to Jalal Ahmed through the entity 7802 20th Ave LLC for the retail building (K1) at 7802 20th Avenue in Bensonhurst, Brooklyn.
The deal closed on September 21, 2023 and was recorded on October 4, 2023. The property has 4,767 square feet of built space and 1,191 square feet of additional air rights for a total buildable of 5,957 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $671 and the price per buildable square foot is $537 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 June 19, 2017, for $2.8 million. The signatory for Jalal Ahmed was Jalal Ahmed. The signatory for Linda Qin Lin was Linda Qin Lin. The contract date was June 30, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Linda Qin Lin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jalal Ahmed purchased one properties in one transactions for a total of $4.5 million and had not sold any properties over the same time period.

The property

The retail building in Bensonhurst has 4,767 square feet of built space and 1,191 square feet of additional air rights for a total buildable of 5,957 square feet according to a PincusCo analysis of city data. The parcel has frontage of 47 feet and is 100 feet deep with a total lot size of 4,766 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $556,000.

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 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 Bensonhurst, The bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has near average sales volume among other neighborhoods with $355.9 million in sales volume in the last two years and is the 24th highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 429,850 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are retail.

The seller

The PincusCo database currently indicates that Jalal Ahmed owned at least one commercial property in New York City with 4,550 square feet and a city-determined market value of $869,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

Direct link to Acris document. link