Louis Wu, Xiao Qiu Dai pay $3.8M to Marek Kaczor for mixed-use in Greenpoint
Louis Wu and Xiao Qiu Dai through the entity 99 Franklin Street LLC paid $3.8 million to Marek Kaczor through the entity 99 Franklin, LLC for the six-unit mixed-use building (S9) at 99 Franklin Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on April 1, 2025 and was recorded on April 15, 2025. The property has 5,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $690 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 Marek Kaczor was Avi Rosengarten . The signatory for Louis Wu and Xiao Qiu Dai was Louis Wu. The contract date was September 11, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Louis Wu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Marek Kaczor purchased one property in one transaction for a total of $2 million and sold four properties in four transactions for a total of $11.9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Marek Kaczor, head officer. The business entity is 99 Franklin Llc.
The property
The mixed-use building with 6 residential units in Greenpoint has 5,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,938 square feet. The zoning is M1-2/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 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 received $1,250 in ECB penalties and $2,965 in OATH penalties 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 Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has 3.3 times the average sales volume among other neighborhoods with $885.8 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Greenpoint has 2 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 43,190 square feet of the 108,900 square feet. The largest owner is Elizabeth Einhorn, followed by Steve Einhorn and then Marek Kaczor.
There are no active new building construction projects on this tax block.
The majority, or 43 percent of the 108,900 square feet of built space are mixed-use buildings, with walkup buildings next occupying 34 percent of the space.
The seller
The PincusCo database currently indicates that Marek Kaczor owned at least five commercial properties with 25 residential units in New York City with 18,522 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 18,522 square feet of built space are walkup properties, with mixed-use properties next occupying 30 percent of the space. They are all located in Brooklyn.
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