Lisen Pan pays $7M to Berger Family for industrial in Cypress Hills

Lisen Pan through the entity Jr Century I LLC paid $7 million to Berger family through the entity 3482-3484 Fulton Street LLC for industrial building at 3484 Fulton Street in Cypress Hills, Brooklyn.
The deal closed on March 24, 2022 and was recorded on April 7, 2022.The property has 37,450 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $186 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 April 30, 2013, for $1.8 million. The signatory for Berger Family was Alvin I. Berger and Joel M. Berger. The signatory for Lisen Pan was Lisen Pan.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lisen Pan had purchased any other properties and has no record it sold any properties over the past 24 months.
The 37,450-square-foot property generated revenue of $584,851 or $16 per square foot, according to the most recent income and expense figures.

The property

The 3484 Fulton Street parcel has frontage of 60 feet and is 200 feet deep with a total lot size of 27,225 square feet. The lot is irregular. 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 $2.9 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. 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 $5 million on this tax lot.

The neighborhood

In Cypress Hills, the majority, or 56 percent of the 20.9 million square feet of commercial built space are 1-4 family buildings, with specialty buildings next occupying 12 percent of the space. In sales, Cypress Hills has the 41st highest sale turnover among other neighborhoods in Brooklyn with $19.6 million in sales volume in the last two years. For development, Cypress Hills has 1.4 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Brooklyn. It had 1.2 million 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. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

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

The majority, or 69 percent of the 136,400 square feet of built space are 1-4 family buildings, with industrial buildings next occupying 27 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 3484 Fulton Street that occurred over the past 24 months.

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