Peng Di Cen pays $1.4M for retail in East Williamsburg

Peng Di Cen through the entity Metropolitan 88 Inc. paid $1.4 million to Anthony LaCava through the entity Aej Realty Corp. for the retail building (K1) at 1093 Metropolitan Avenue in East Williamsburg, Brooklyn.
The deal closed on June 1, 2023 and was recorded on July 28, 2023. The property has 648 square feet of built space and 7,127 square feet of additional air rights for a total buildable of 7,790 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,141 and the price per buildable square foot is $178 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 Anthony LaCava was Anthony LaCava. The signatory for Peng Di Cen was Peng Di Cen. The contract date was May 11, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Peng Di Cen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Anthony LaCava had not purchased any other properties and had not sold any properties over the same time period. The 648-square-foot property generated revenue of $22,474 or $35 per square foot, according to the most recent income and expense figures.

The property

The retail building in East Williamsburg has 648 square feet of built space and 7,127 square feet of additional air rights for a total buildable of 7,790 square feet according to a PincusCo analysis of city data. The parcel has frontage of 53 feet and is 58 feet deep with a total lot size of 3,895 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $141,000.

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 East Williamsburg, The majority, or 62 percent of the 17 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has near average sales volume among other neighborhoods with $395.1 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, East Williamsburg has 1.2 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 4,498 square feet of built space are retail buildings, with industrial buildings next occupying 0 percent of the space.

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