Linlin Zhuo pays $23M to Xiang Yu Cao for industrial in Sunset Park

Linlin Zhuo through the entity Shunhe Management LLC paid $23 million to Xiang Yu Cao through the entity 201 46 Liberty LLC for industrial (E9) at 201 46th Street in Sunset Park, Brooklyn.
The deal closed on October 14, 2021 and was recorded on November 4, 2021.
At the same time, Linlin Zhuo through the entity Shunhe Management LLC as borrower signed an acquisition loan with lender CTBC Bank valued at $14.5 million for the industrial (E9) at 201 46th Street in Sunset Park, Brooklyn.
The property has 52,000 square feet of built space for a total buildable of 52,066 square feet according to PincusCo analysis of city data. The sale price per built square foot is $442 and the price per buildable square foot is $441 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 October 20, 2016, for $15.5 million.
The signatory for Xiang Yu Cao was Xiang Yu Cao. The signatory for Linlin Zhuo was Linlin Zhuo.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $1.5 million. Those filings sought to increase the number of residential units by 143 to 143. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $453,080. One of the projects were to change the building from a PUB to a B.

Within a 400-foot radius of 201 46th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $916,159. The most recent of these two items was the permit on June 16, 2021 for a 37,732-square-foot A-3 building with no residential units at 4422 2nd Avenue.
One of those three items was a loan which Zalmen Reiss borrowed $8 million from TD Bank secured by the 60,000-square-foot, two-unit industrial (E9) on 4564 2nd Avenue on June 8, 2021.

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