Shu Min Shi pays $1.8M for 7-unit walkup in Sunset Park

Shu Min Shi through the entity Rol Development LLC paid $1.8 million to Neng Xi Zhang through the entity 133 Quentin LLC for the seven-unit residential walkup building (C1) at 864 53rd Street in Sunset Park, Brooklyn.
The deal closed on November 15, 2022 and was recorded on November 25, 2022. The property has 5,716 square feet of built space and 1,592 square feet of additional air rights for a total buildable of 7,302 square feet according to PincusCo analysis of city data. The sale price per built square foot is $306 and the price per buildable square foot is $239 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 30, 2018, for $1.9 million. The signatory for Neng Xi Zhang was Neng Xi Zhang. The signatory for Shu Min Shi was Shu Min Shi.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Shu Min Shi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Neng Xi Zhang had not purchased any other properties and had not sold any properties over the same time period.

The property

The 864 53rd Street parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,005 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 $1.2 million.

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 received $600 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the 22 commercial properties representing 3,344 square feet of the 97,698 square feet. The identified owner is Eric Y. Szeto.
On the tax block, there were four new building construction projects totaling 50,569 square feet. The largest is a 18-unit, 16,788-square-foot R-2 building developed by Cheng Mei Shing with plans filed March 17, 2010 and permitted April 2, 2014. The second largest is a 10-unit, 10,948-square-foot R-2 building developed by Xiugan Zheng with plans filed December 5, 2012 and it has not been permitted yet.

The majority, or 64 percent of the 88,759 square feet of built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space.

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