Shi Wei Lei pays $3.9M for retail in Sunset Park, owned for nearly 70 years

Shi Wei Lei through the entity 775 39 Street Property LLC paid $3.9 million to Arthur Lynn through the entity Jo-Art Realty Corp. for the retail building (K1) at 775 39th Street in Sunset Park, Brooklyn.
The deal closed on April 28, 2026 and was recorded on May 15, 2026. The property has 7,950 square feet of built space and 7,972 square feet of additional air rights for a total buildable of 15,944 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $484 and the price per buildable square foot is $241 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 Arthur Lynn was Amy Lynn. The signatory for Shi Wei Lei was Shi Wei Lei. The contract date was January 20, 2026. The sellers have owned the property for nearly 70 years. The entity in care of Arthur Lynn purchased the property on August 31, 1956.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Shi Wei Lei had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Arthur Lynn had not purchased any other properties and had not sold any properties over the same time period. The 7,950-square-foot property generated revenue of $238,948 or $30 per square foot, according to the most recent income and expense figures.

The property

The retail building in Sunset Park has 7,950 square feet of built space and 7,972 square feet of additional air rights for a total buildable of 15,944 square feet according to a PincusCo analysis of city data. The parcel has frontage of 79 feet and is 100 feet deep with a total lot size of 7,972 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $901,000.

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 two DOB violations, $7,500 in ECB penalties, and $8,200 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 321903810, for a 8,020 square-foot A-2 building. The project was submitted by Feng Lin with plans filed December 27, 2018 and permitted May 9, 2019.

The neighborhood

In Sunset Park, The bulk, or 30 percent of the 35 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 26 percent of the space. In sales, Sunset Park has near average sales volume among other neighborhoods with $376.5 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 874,345 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 four of the 36 commercial properties representing 34,736 square feet of the 209,518 square feet. The largest owner is Victor Peng, followed by Biagio Lamberti and then Kesho Bachan.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 209,518 square feet of built space are industrial buildings, with walkup buildings next occupying 26 percent of the space.

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