Shu Ming Lin pays $7.5M to Martan Properties for mixed-use building in Bath Beach

Shu Ming Lin through the entity Bluestone Management Ny LLC paid $7.5 million to Martan Properties through the entity 8601 Property LLC for mixed-use building at 8601 21st Avenue in Bath Beach, Brooklyn.
The deal closed on December 22, 2021 and was recorded on January 28, 2022.
The property has 8,667 square feet of built space and 3,093 square feet of additional air rights for a total buildable of 11,744 square feet according to PincusCo analysis of city data. The sale price per built square foot is $865 and the price per buildable square foot is $638 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 May 9, 2014, for $7.2 million.
The signatory for Martan Properties was Alessandro Pirozzi. The signatory for Shu Ming Lin was Shu Ming Lin.
Prior to this transaction, the buyer Shu Ming Lin had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Martan Properties had not purchased any other properties and had not sold any properties over the same time period.
The 8,667-square-foot property generated revenue of $429,939 or $50 per square foot, according to the most recent income and expense figures.

Pirozzi is the owner of Martan Properties, according to a LinkedIn page.

In Bath Beach, the majority, or 52 percent of the 14 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 16 percent of the space. In sales, Bath Beach has had very little sales volume relative to other neighborhoods with $52.1 million in sales volume in the last two years. For development, Bath Beach has had very little major development activity relative to other neighborhoods. It had 87,850 square feet of commercial and multi-family construction under development in the last two years, which represents 0.63 percent of the neighborhood’s built space.
On the tax block, the majority, or 46 percent of the 236,271 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 28 percent of the space.
Within a 400-foot radius of 8601 21st Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on October 9, 2020 for the $885,000 renovation of 7,771-square-foot B building with no residential units at 2076 86th Street.
Of those five items, two were sales above $5 million totaling $37.2 million. The most recent of the two was BLDG Management which bought the 7,771-square-foot, one-unit retail building (K7) on 2076 86th Street for $17.2 million from Wharton Properties and Jeff Sutton on June 29, 2021.
Of those five items, two were loans above $5 million totaling $25.2 million. The most recent of the two was BLDG Management which borrowed $11.2 million from Provident Bank secured by the 7,771-square-foot, one-unit retail building (K7) on 2076 86th Street on September 13, 2021.

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