Prakashkamur G. Patel pays $9M to Wing Fung Chau for hotel property in East Williamsburg

Prakashkamur G. Patel through the entity 19 Bogart Hotel Realty LLC paid Wing Fung Chau’s 19 Bogart Realty Development Inc. $9.0 million for 19 Bogart Street in East Williamsburg. The deal closed on November 19, 2019, and was recorded on December 3, 2019. The transaction consists of 1 parcel, including the tax class miscellaneous hotel (H9). The property is 32,996 square feet. The parcel(s) have total development potential of 32,996 square feet.
The average sale price per square foot is $273.
The estimated cap rate is 6.7%
The last time the property sold was November 2, 2010, for $2,400,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 56 hotel units on December 12, 2016.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $221,780.There has been one new building permit application totaling 21,146 square feet. Those plans include a total of 56 residential or hotel units.
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Direct link to the city’s interactive property map, ZOLA. link

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