Ricky He pays $2.3M for 3-family in Bath Beach

Ricky He through the entity Lucky 127 LLC paid $2.3 million for the three-unit, semi-attached building (C0) at 127 Bay 29th Street in Bath Beach, Brooklyn. The expected use is cash flowing.
The deal closed on April 8, 2026 and was recorded on April 13, 2026. The property has 3,840 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $598 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 February 12, 2013, for $1.2 million. The signatories for the sellers Phillip Shao Qiu Li and Christy Lin were Phillip Shao Qiu Li and Christy Lin. The signatory for Ricky He was Ricky He. The contract date was February 4, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Ricky He had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Phillip Shao Qiu Li 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 Phillip Li, head officer and Christy Lin, officer. The business entities are 127-129 Realty Inc. and 127-129 Realty Inc.

The property

The 1-4 family building with 3 residential units in Bath Beach has 3,840 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 96 feet deep with a total lot size of 2,900 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2012 and expires in 2027. The city-designated market value for the property in 2022 is $2.3 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 received $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 29, 2014. 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 five of the seven commercial properties representing 169,672 square feet of the 196,682 square feet. The largest owner is Coney Realty Group, followed by Mp Management and then Igor Zagranichny.
On the tax block, there was one new building construction project filed totaling 11,437 square feet. It is a 17-unit, 11,437 square-foot residential (R-2) building submitted by Ivan Khymych and filed by Ivan Khymych with plans filed July 10, 2025 and it has not been permitted yet.

The majority, or 48 percent of the 196,682 square feet of built space are walkup buildings, with elevator buildings next occupying 41 percent of the space.

Direct link to Acris document. link