Shou Jian Cheng pays $2.3M for 4-unit walkup in Sunset Park

Shou Jian Cheng through the entity Chen, Shou Jian paid $2.3 million to the entity 5022 9th Avenue LLC for the four-unit building (C3) at 5022 9th Avenue in Sunset Park, Brooklyn.
The deal closed on December 7, 2023 and was recorded on December 19, 2023. The property has 3,120 square feet of built space and 3,349 square feet of additional air rights for a total buildable of 6,458 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $724 and the price per buildable square foot is $349 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 the former owner Manny Davidovitch was Emanuel Klein. The signatory for Shou Jian Cheng was Shou Jian Cheng. The contract date was August 25, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shou Jian Cheng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Manny Davidovitch had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Emanuel Klein, head officer. The business entity is 5022 9th Avenue Llc.

The property

The 1-4 family building with 4 residential units in Sunset Park has 3,120 square feet of built space and 3,349 square feet of additional air rights for a total buildable of 6,458 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,658 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $413,000.

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 four of the 18 commercial properties representing 46,260 square feet of the 119,216 square feet. The largest owner is Yuco Management, followed by Leon Nektalov and then Cynthia Chan.
On the tax block, there were two new building construction projects totaling 19,101 square feet. The largest is a 10-unit, 9,550 square-foot residential (R-2) building submitted by Xiu Qin Ye with plans filed May 9, 2022 and it has not been permitted yet. The second largest is a 10-unit, 9,550 square-foot residential (R-2) building submitted by Xiu Qin Ye with plans filed June 23, 2022 and it has not been permitted yet.

The majority, or 59 percent of the 119,216 square feet of built space are walkup buildings, with mixed-use buildings next occupying 41 percent of the space.

Direct link to Acris document. link