Tong Mei Wan pays $1.8M for industrial in Sunset Park

Tong Mei Wan through the entity Wanco Realty LLC paid $1.8 million to Nerim Capri through the entity Winco Realty LLC for the industrial building (E1) at 260 49th Street in Sunset Park, Brooklyn.
The deal closed on August 14, 2023 and was recorded on August 22, 2023. The property has 3,500 square feet of built space and 500 square feet of additional air rights for a total buildable of 4,006 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $508 and the price per buildable square foot is $444 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 Nerim Capri was Nerim Capri. The signatory for Tong Mei Wan was Tong Mei Wan. The contract date was May 23, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tong Mei Wan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nerim Capri purchased one properties in one transactions for a total of $2.3 million and had not sold any properties over the same time period.

The property

The industrial building in Sunset Park has 3,500 square feet of built space and 500 square feet of additional air rights for a total buildable of 4,006 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,003 square feet. The zoning is M1-2D which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $356,000.

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 neighborhood

In Sunset Park, The bulk, or 30 percent of the 34 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Sunset Park has near average sales volume among other neighborhoods with $409.2 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 109,216 square feet of commercial and multi-family construction under development in the last two years, which represents 0.32 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 19 commercial properties representing 22,075 square feet of the 162,577 square feet. The two identified owners are Kadri Capri and Aai.
On the tax block, there were two new building construction projects totaling 41,487 square feet. The largest is a 63-unit, 37,487 square-foot hotel/dormitory/shelter (R-1) building submitted by Yi Hui Rong with plans filed May 23, 2016 and permitted March 21, 2018. The second largest is a 4,000 square-foot business (B) building submitted by Jack Woo with plans filed May 26, 2017 and it has not been permitted yet.

The majority, or 54 percent of the 162,577 square feet of built space are industrial buildings, with hotel buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Nerim Capri owned at least one commercial property with four residential units in New York City with 8,000 square feet and a city-determined market value of $1.2 million. (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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