Patrick Fu pays $2.6M for 3-family in Williamsburg

Patrick Fu through the entity 141 Bedford Ave, LLC paid $2.6 million to Joseph Lentini and Brian Lentini through the entity Bedford Ave. Studios LLC for the three-unit building (C0) at 141 Bedford Avenue in Williamsburg, Brooklyn.
The deal closed on June 6, 2024 and was recorded on June 14, 2024. The property has 1,944 square feet of built space and 978 square feet of additional air rights for a total buildable of 2,920 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,319 and the price per buildable square foot is $878 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 January 18, 2007, for $999,900. The signatory for Joseph Lentini and Brian Lentini was Brian Lentini. The signatory for Patrick Fu was Patrick Fu. The contract date was April 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Patrick Fu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Lentini purchased one property in one transaction for a total of $4.3 million and sold two properties in two transactions for a total of $13.8 million over the same time period.

The property

The 1-4 family building with 3 residential units in Williamsburg has 1,944 square feet of built space and 978 square feet of additional air rights for a total buildable of 2,920 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 80 feet deep with a total lot size of 1,460 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 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 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 block

On this tax block, PincusCo has identified the owners of two of the nine commercial properties representing 116,657 square feet of the 187,076 square feet. The two identified owners are Morty J. Yashar and Joel Schwartz.
On the tax block, there were three new building construction projects totaling 15,398 square feet. The largest is a eight-unit, 5,393 square-foot residential (R-2) building submitted by Yisroel Greenfeld with plans filed January 12, 2021 and permitted October 3, 2022. The second largest is a eight-unit, 5,334 square-foot residential (R-2) building submitted by Yisroel Greenfeld and filed by Yisroel Greenfeld with plans filed March 27, 2023 and it has not been permitted yet.

The majority, or 86 percent of the 187,076 square feet of built space are mixed-use buildings, with walkup buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Joseph Lentini owned at least one commercial property with two residential units in New York City with 2,132 square feet and a city-determined market value of $1.9 million. (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.
The PincusCo database currently indicates that Brian Lentini owned at least one commercial property with two residential units in New York City with 2,132 square feet and a city-determined market value of $1.9 million. (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.

Direct link to Acris document. link