Roza Koyenova pays $3M for retail in Bensonhurst, 3rd recent purchase

Roza Koyenova through the entity 1436 67 LLC paid $3 million to Ting Zhang, Shu Hua Wu, and Siu Ming Lau through the entity Sls 168 LLC for the retail building (K2) at 1436 67th Street in Bensonhurst, Brooklyn. The expected use is cash flowing.
The deal closed on October 7, 2024 and was recorded on November 6, 2024. The property has 7,670 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $391 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 20, 2013, for $1.2 million. The signatory for Ting Zhang, Shu Hua Wu, and Siu Ming Lau was Ting Zhang. The signatory for Roza Koyenova was Roza Koyenova. The contract date was September 4, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Roza Koyenova purchased two properties in two transactions for a total of $13.4 million and has no record it sold any properties over the past 24 months.
The seller Ting Zhang purchased one property in one transaction for a total of $590,000 and had not sold any properties over the same time period.

The property

The retail building in Bensonhurst has 7,670 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 120 feet deep with a total lot size of 4,800 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 $635,000.

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 received $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 14, 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 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 1.3 times the average sales volume among other neighborhoods with $326.3 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 384,599 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 18 commercial properties representing 14,895 square feet of the 98,398 square feet. The largest owner is Bart Varvara, followed by John Economakos and then John Chan.
On the tax block, there was one new building construction project filed totaling 4,756 square feet. It is a six-unit, 4,756 square-foot residential (R-2) building submitted by Cude Cheung Wu with plans filed November 1, 2022 and it has not been permitted yet.

The majority, or 42 percent of the 98,398 square feet of built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Ting Zhang owned at least one commercial property in New York City with 0.0 square feet and a city-determined market value of $229,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property.

The buyer

The PincusCo database currently indicates that Roza Koyenova owned at least three commercial properties in New York City with 39,900 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Ponce Bank. Within the portfolio, the bulk, or 45 percent of the 39,900 square feet of built space are mixed-use properties, with specialty properties next occupying 28 percent of the space. The bulk, or 73 percent of the built space, is in Brooklyn, with Queens next at 27 percent of the space.

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