Nan Lin, Ya Chen pay $2.3M to for mixed-use in Bushwick

Nan Lin and Ya Chen through the entity 260 Wyckoff Ave LLC paid $2.3 million to Benjamin Nien-Yung Chang for the four-unit mixed-use building (S4) at 260 Wyckoff Avenue in Bushwick, Brooklyn.
The deal closed on April 10, 2023 and was recorded on April 21, 2023. The property has 4,125 square feet of built space and 740 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $564 and the price per buildable square foot is $479 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 Benjamin Nien-Yung Chang was Benjamin Nien-Yung Chang. The signatory for Nan Lin and Ya Chen was Nan Lin and Ya Chen.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nan Lin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Benjamin Nien-Yung Chang had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Benjamin Chang, joint owner and Ching Tze Shieh, joint owner.

The property

The mixed-use building with 4 residential units in Bushwick has 4,125 square feet of built space and 740 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 80 feet deep with a total lot size of 2,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $733,000.

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 received $250 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 Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.4 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 22 commercial properties representing 69,096 square feet of the 181,360 square feet. The largest owner is Raghsa Sa, followed by Joel Wertzberger and then Gonzalo Gaibor.
There are no active new building construction projects on this tax block.

The majority, or 34 percent of the 181,360 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Ya Chen owned at least one commercial property with two residential units in New York City with 6,999 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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