Steven Wu pays $5.5M for mixed-use in Sunset Park

Steven Wu through the entity 366 SW Realty Inc. paid $5.5 million to the estates of Bo Wing Tsao and Hor Suey Yee Tsao for the two-unit mixed-use building (S2) at 5713 8th Avenue in Sunset Park, Brooklyn. The expected use is cash flowing.
The deal closed on September 13, 2024 and was recorded on October 4, 2024. The property has 3,135 square feet of built space and 562 square feet of additional air rights for a total buildable of 3,693 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,754 and the price per buildable square foot is $1,489 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 Bo Wing Tsao and Hor Suey Yee Tsao was Bo San Tsao. The signatory for Steven Wu was Steven Wu. The contract date was April 26, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Steven Wu purchased one property in one transaction for a total of $2.8 million and has no record it sold any properties over the past 24 months.
The seller Bo Wing Tsao had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Sunset Park has 3,135 square feet of built space and 562 square feet of additional air rights for a total buildable of 3,693 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 80 feet deep with a total lot size of 1,520 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 $1.3 million.

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 $250 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 $1 million on this tax lot.

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 1.6 times the average sales volume among other neighborhoods with $402 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had -22,471 square feet of commercial and multi-family construction under development in the last two years, which represents -0.06 percent of the neighborhood’s built space.

The block

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

The majority, or 44 percent of the 143,219 square feet of built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Steven Wu owned at least one commercial property with four residential units in New York City with 4,235 square feet and a city-determined market value of $868,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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