RYL Group pays $2.9M to Annie Shon Ng for development parcel in Williamsburg

RYL Group through the entity 207 N 8th Properties LLC paid $2.9 million to Annie Shon Ng through the entity North Eight (Ny) LLC for development building at 207 North 8th Street in Williamsburg, Brooklyn.
The deal closed on February 9, 2022 and was recorded on February 22, 2022.
The property has 0 square feet of built space and 7,500 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $386 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 27, 2013, for $1.8 million.
The signatory for Annie Shon Ng was Annie Shon Ng. The signatory for RYL Group was Reuben Pinner.
Prior to this transaction, the buyer RYL Group had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Annie Shon Ng had not purchased any other properties and had not sold any properties over the same time period.
(B00528189) Plans for a 4-unit, 9,116 square-foot R-2 were filed on June 18, 2021.
Reuben Pinner is a managing parter of RYL Group. However, the address is different from that of the buyer LLC.
In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 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.
On the tax block, the majority, or 65 percent of the 163,417 square feet of built space are residential elevator buildings, with D2 buildings next occupying 15 percent of the space.
Within a 400-foot radius of 207 North 8th Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit issued on May 26, 2020 for a 68,124-square-foot R-2 building with 44 residential units at 185 North 8th Street.
Of those 11 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $4.5 million and one permit with a total initial cost of $1.8 million. The most recent of these two items was the filing on February 10, 2022 for a 17,187-square-foot J-2 building with 22 residential units at 228 North 7th Street.
One of those 11 items was a sale which WPA Realty bought the 7,493-square-foot, 10-unit rental (C1) on 203 North 7th Street for $9.3 million from Howard Wasserman on May 15, 2020.
Of those 11 items, seven were loans above $5 million totaling $237.6 million. The most recent of the seven was Rabsky Group which borrowed $45.8 million from Customers Bank secured by the 106,678-square-foot, 113-unit rental (D1) on 205 North 9th Street on January 3, 2022.

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