Sheng Wang pays $3.1M to Jackson Group for mixed-use in Boerum Hill

Mei Dan Wang and Sheng Wang through the entity Dean & Smith Realty LLC paid $3.1 million to Jackson Group through the entity 133 Smith Street LLC for the two-unit property at 133 Smith Street in Boerum Hill, Brooklyn.
The deal closed on April 3, 2024 and was recorded on April 11, 2024. The property has 3,250 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $969 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 July 22, 2019, for $3.2 million. The signatory for Jackson Group was Gabriel Chehebar. The signatory for Mei Dan Wang and Sheng Wang was Sheng Wang. The contract date was December 23, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mei Dan Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jackson Group purchased seven properties in six transactions for a total of $49.4 million and sold three properties in three transactions for a total of $18.9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Gabriel Chehebar, head officer. The business entity is 133 Smith Street Llc.

The property

The property with 2 residential units in Boerum Hill has 3,250 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,250 square feet. The city-designated market value for the property in 2022 is $630,000.

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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 13 of the 18 commercial properties representing 63,835 square feet of the 83,776 square feet. The largest owner is Yong Chin, followed by Robert Ameen and then Ramchand Gopie.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 83,776 square feet of built space are walkup buildings, with mixed-use buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Jackson Group owned at least nine commercial properties in New York City with 217,181 square feet and a city-determined market value of $48.7 million. (Market value is typically about 50% of actual value.) The portfolio has $27.8 million in debt, borrowed from Signature Bank and Safra National Bank. Within the portfolio, the bulk, or 53 percent of the 217,181 square feet of built space are retail properties, with mixed-use properties next occupying 47 percent of the space. The bulk, or 60 percent of the built space, is in Brooklyn, with Queens next at 36 percent of the space.

The buyer

The PincusCo database currently indicates that Sheng Wang owned at least one commercial property with two residential units in New York City with 5,030 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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