Sophie Chea and James Klett through the entity Cheaklett Holdings LLC paid $1.9 million to Kam Fung Lam through the entity Win Ho Inc. for the two-unit mixed-use building (S2) at 329 Grand Street in Williamsburg, Brooklyn.
The deal closed on October 23, 2023 and was recorded on October 27, 2023. The property has 3,120 square feet of built space and 780 square feet of additional air rights for a total buildable of 3,900 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $625 and the price per buildable square foot is $500 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 October 22, 2013, for $1.4 million. The signatory for Kam Fung Lam was Kam Fung Lam. The signatory for Sophie Chea and James Klett was Sophie Chea and James Klett. The contract date was August 1, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Sophie Chea had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kam Fung Lam had not purchased any other properties and had not sold any properties over the same time period.
The mixed-use building with 2 residential units in Williamsburg has 3,120 square feet of built space and 780 square feet of additional air rights for a total buildable of 3,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 1,950 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 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 four DOB violations in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 3rd highest sale turnover among other neighborhoods in the city with $2.7 billion in sales volume in the last two years. For development, Williamsburg is the 9th most active neighborhood among other neighborhoods. It had 4.2 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. There were five pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On this tax block, PincusCo has identified the owners of nine of the 19 commercial properties representing 58,747 square feet of the 118,432 square feet. The largest owner is Paul Henry, followed by Joseph I. Torres, Jr. and then John Mccormick.
There are no active new building construction projects on this tax block.
The majority, or 44 percent of the 118,432 square feet of built space are walkup buildings, with mixed-use buildings next occupying 40 percent of the space.
The PincusCo database currently indicates that Sophie Chea owned at least one commercial property with eight residential units in New York City with 5,500 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
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