Shu Lin and Long Pan pays $5.3M for industrial in East Williamsburg

Shu Lin and Long Pan through the entity Matsen LLC paid $5.3 million to Kamal Ahmed and Iqbal Ahmed through the entity Ibco Usa, LLC for industrial building (E1) at 516 Scholes Street in East Williamsburg, Brooklyn.
The deal closed on November 28, 2022 and was recorded on December 15, 2022. The property has 8,732 square feet of built space and 8,732 square feet of additional air rights for a total buildable of 17,464 square feet according to PincusCo analysis of city data. The sale price per built square foot is $606 and the price per buildable square foot is $303 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 15, 2004, for $1.1 million. The signatory for Kamal Ahmed and Iqbal Ahmed was Charles Wertman. The signatory for Shu Lin and Long Pan was Shu Lin.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Shu Lin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kamal Ahmed had not purchased any other properties and had not sold any properties over the same time period. The 8,732-square-foot property generated revenue of $194,811 or $22 per square foot, according to the most recent income and expense figures.

The property

The 516 Scholes Street parcel has frontage of 54 feet and is 159 feet deep with a total lot size of 8,732 square feet. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $861,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In East Williamsburg, the majority, or 63 percent of the 16.3 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 10 percent of the space. In sales, East Williamsburg has 1.3 times the average sales volume among other neighborhoods with $437.4 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, East Williamsburg has 1.2 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.3 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.

The block

There are no active new building construction projects on this tax block.

All properties are industrial.

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