Shan An Zhao pays $8.2M to Allied Properties for dev site in Dyker Heights

Shan An Zhao through the entity Clarity Assets LLC paid $8.2 million to Allied Properties through the entity 65th Development LLC for the development building (V1) at 801 65th Street in Dyker Heights, Brooklyn. The expected use is ground up development.
The deal closed on September 23, 2024 and was recorded on October 2, 2024. The property has zero square feet of built space and 12,000 square feet of additional air rights for a total buildable of 12,000 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $687 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 December 29, 2021, for $5.4 million. The signatory for Allied Properties was Efthimios Zisimopoulos, also known as Tim Ziss. The signatory for Shan An Zhao was Shan An Zhao. The contract date was July 26, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shan An Zhao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Allied Properties purchased one property in one transaction for a total of $15.6 million and sold one property in one transaction for a total of $13.6 million over the same time period.

The property

The parcel has frontage of 100 feet and is 120 feet deep with a total lot size of 12,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $563,000.

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

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 Dyker Heights, The bulk, or 30 percent of the 7.1 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 26 percent of the space. In sales, Dyker Heights has had very little sales volume relative to other neighborhoods with $148.5 million in sales volume in the last two years. For development, Dyker Heights has had very little major development activity relative to other neighborhoods.It had 540,134 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 two of the 17 commercial properties representing 9,750 square feet of the 178,978 square feet. The two identified owners are Carmelo Giuffre and Broadfield Realty Capital.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 178,978 square feet of built space are industrial buildings, with retail buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Allied Properties owned at least two commercial properties in New York City with 117,794 square feet and a city-determined market value of $15.7 million. (Market value is typically about 50% of actual value.) The portfolio has $22.5 million in debt, borrowed from Madison Realty Capital and Dime Community Bank. Within the portfolio, all identified are office properties. They are all located in Brooklyn.

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