Ru Ping Lin, Shao Zhen Lin pays $5.8M for industrial in East Williamsburg

Ru Ping Lin and Shao Zhen Lin through the entity New York Grand L And L Realty LLC paid $5.8 million to Rosa Paneduro through the entity Paneduro Realty Corp. for industrial building (F4) at 1068 Grand Street in East Williamsburg, Brooklyn.
The deal closed on October 7, 2022 and was recorded on October 17, 2022. The property has 8,000 square feet of built space and 22,351 square feet of additional air rights for a total buildable of 30,410 square feet according to PincusCo analysis of city data. The sale price per built square foot is $725 and the price per buildable square foot is $190 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 Rosa Paneduro was Rosa Paneduro. The signatory for Ru Ping Lin and Shao Zhen Lin was Ru Ping Lin.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ru Ping Lin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rosa Paneduro had not purchased any other properties and had not sold any properties over the same time period. The 8,000-square-foot property generated revenue of $141,804 or $18 per square foot, according to the most recent income and expense figures.

The property

The 1068 Grand Street parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 15,205 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 $669,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In East Williamsburg, the majority, or 63 percent of the 16.3 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 10 percent of the space. In sales, East Williamsburg has 1.4 times the average sales volume among other neighborhoods with $486.1 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, East Williamsburg has 1.3 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 21 commercial properties representing 9,628 square feet of the 217,164 square feet. The identified owner is Terreno Realty Corporation.
On the tax block, there was one new building construction project filed totaling 6,460 square feet. It is a N/A-unit, 6,460-square-foot M building developed by Penn Ku with plans filed August 1, 2019 and it has not been permitted yet.

the majority, or 100 percent of the 217,164 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

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