Lumber company pays $2.5M for retail in Sheepshead Bay

Fang Wang and Yin S. Chew through the entity GC Lumber Supply, Inc. paid $2.5 million to Shoshana Schecter through the entity Candi Properties, LLC for the retail building (K1) at 2467-2469 Coney Island Avenue in Sheepshead Bay, Brooklyn.
The deal closed on August 22, 2023 and was recorded on August 30, 2023. The property has 2,640 square feet of built space and 1,977 square feet of additional air rights for a total buildable of 4,599 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $928 and the price per buildable square foot is $532 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 Shoshana Schecter was Shoshana Schecter. The signatory for Fang Wang and Yin S. Chew was Fang Wang and Yin S. Chew. The contract date was August 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Fang Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shoshana Schecter had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Sheepshead Bay has 2,640 square feet of built space and 1,977 square feet of additional air rights for a total buildable of 4,599 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 115 feet deep with a total lot size of 4,599 square feet. The lot is irregular. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $469,000.

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 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 Sheepshead Bay, The bulk, or 43 percent of the 26.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.3 times the average sales volume among other neighborhoods with $479.7 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 751,184 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

On this tax block, PincusCo has identified the owners of one of the 21 commercial properties representing 2,016 square feet of the 63,367 square feet. The identified owner is May & Kenny Wong.
On the tax block, there was one new building construction project filed totaling 4,462 square feet. It is a 4,462 square-foot mercantile (M) building submitted by Yin Chew with plans filed July 23, 2021 and it has not been permitted yet.

The majority, or 74 percent of the 63,367 square feet of built space are mixed-use buildings, with retail buildings next occupying 26 percent of the space.

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