Muying Feng pays $8.3M to Island FCU for office in Bath Beach

Muying Feng through the entity AJS Group 1756 Inc. paid $8.3 million to Island Federal Credit Union for the office building (O2) at 1756 86th Street in Bath Beach, Brooklyn. The expected use is cash flowing.
The deal closed on April 17, 2025 and was recorded on April 22, 2025. The property has 11,050 square feet of built space and 1,063 square feet of additional air rights for a total buildable of 12,082 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $751 and the price per buildable square foot is $686 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 July 1, 2010, for $5 million. The signatory for Island Federal Credit Union was Craig A. Booth . The signatory for Muying Feng was Muying Feng. The contract date was December 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Muying Feng had purchased any other properties and has no record they sold any properties over the past 24 months.
The seller Island Federal Credit Union had not purchased any other properties and had not sold any properties over the same time period. The 11,050-square-foot property generated revenue of $295,940 or $27 per square foot, according to the most recent income and expense figures.

The property

The office building in Bath Beach has 11,050 square feet of built space and 1,063 square feet of additional air rights for a total buildable of 12,082 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 96 feet deep with a total lot size of 9,666 square feet. 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 $1.6 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 one DOB violation, $1,280 in ECB penalties, and $1,880 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 21, 2015. 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 Bath Beach, The bulk, or 36 percent of the 5.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, Bath Beach has the 40th highest sale turnover among other neighborhoods in Brooklyn with $67.4 million in sales volume in the last two years. For development, Bath Beach has had very little major development activity relative to other neighborhoods.It had 124,300 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 21 commercial properties representing 6,682 square feet of the 92,345 square feet. The identified owner is Yong Xiang Li.
On the tax block, there were three new building construction projects totaling 33,240 square feet. The largest is a three-unit, 11,080 square-foot residential (R-2) building submitted by Liu Waiman with plans filed August 22, 2016 and it has not been permitted yet. The second largest is a three-unit, 11,080 square-foot residential (R-2) building submitted by Liu Waiman with plans filed August 22, 2016 and it has not been permitted yet.

The majority, or 38 percent of the 92,345 square feet of built space are mixed-use buildings, with office buildings next occupying 28 percent of the space.

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