Lipa Markowitz pays $9.6M for industrial in Williamsburg

Lipa Markowitz through the entity 34 South 1 LLC paid $9.6 million to Shiu Ban Chan through the entity Hao King Realty, Inc. for the industrial building (F4) at 34 South 1st Street in Williamsburg, Brooklyn.
The deal closed on October 14, 2025 and was recorded on October 23, 2025. The property has 9,500 square feet of built space and 9,500 square feet of additional air rights for a total buildable of 19,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,010 and the price per buildable square foot is $505 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 Shiu Ban Chan was Shiu Ban Chan. The signatory for Lipa Markowitz was Lipa Markowitz. The contract date was March 4, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lipa Markowitz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shiu Ban Chan had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Williamsburg has 9,500 square feet of built space and 9,500 square feet of additional air rights for a total buildable of 19,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 95 feet and is 100 feet deep with a total lot size of 9,500 square feet. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.8 million.

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 Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 5th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Williamsburg is the most active neighborhood among other neighborhoods. It had 41.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 66,432 square feet of the 87,707 square feet. The largest owner is Cta Digital, followed by Lipa Markowitz and then Iconiq Capital.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 87,707 square feet of built space are office buildings, with industrial buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Lipa Markowitz owned at least two commercial properties in New York City with 26,900 square feet and a city-determined market value of $7.8 million. (Market value is typically about 50% of actual value.) The portfolio has $9.6 million in debt, borrowed from Bank of America. Within the portfolio, the bulk, or 80 percent of the 26,900 square feet of built space are office properties, with industrial properties next occupying 20 percent of the space. They are all located in Brooklyn.

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