Qi Gui Zheng pays $6M to Lam Group for retail in Bensonhurst
Qi Gui Zheng and Liuyun Lin through the entity 67 & 18 Associates LLC paid $6 million to the Lam Group through the entity Perfect Jsk 6701 18 Ave LLC for the retail building (K1) at 6701 18th Avenue in Bensonhurst, Brooklyn.
The deal closed on July 2, 2024 and was recorded on July 17, 2024. The property has 8,450 square feet of built space and 3,991 square feet of additional air rights for a total buildable of 12,473 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $710 and the price per buildable square foot is $481 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 June 8, 2017, for $6.7 million.
The signatory for the Lam Group was Kin Chung Lam, also known as John Lam.
The property
The parcel has frontage of 99 feet and is 100 feet deep with a total lot size of 9,979 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 $1.3 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 neighborhood
In Bensonhurst, The bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has 1.6 times the average sales volume among other neighborhoods with $417.1 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 446,247 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
There are no active new building construction projects on this tax block.
The majority, or 56 percent of the 32,190 square feet of built space are retail buildings, with walkup buildings next occupying 44 percent of the space.
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