Vincent Ngo, Cindy Luong pays $2M to Frank Albanese for mixed-use in Bensonhurst

Vincent Ngo and Cindy Luong paid $2 million to Frank Albanese through the entity Ead Realty LLC for the three-unit mixed-use building (S9) at 6702 20th Avenue in Bensonhurst, Brooklyn.
The deal closed on December 20, 2022 and was recorded on December 30, 2022. The property has 3,849 square feet of built space and 525 square feet of additional air rights for a total buildable of 4,375 square feet according to PincusCo analysis of city data. The sale price per built square foot is $532 and the price per buildable square foot is $468 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 November 21, 2019, for $755,000. The signatory for Frank Albanese was Frank Albanese. The signatory for Vincent Ngo and Cindy Luong was Vincent Ngo and Cindy Luong.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Vincent Ngo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Frank Albanese had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Frank Albanese, head officer. The business entity is Ead Realty Llc. The 3,849-square-foot property generated revenue of $74,324 or $19 per square foot, according to the most recent income and expense figures.

The property

The 6702 20th Avenue parcel has frontage of 35 feet and is 100 feet deep with a total lot size of 3,500 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $813,000.

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 $25 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 neighborhood

In Bensonhurst, the bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has near average sales volume among other neighborhoods with $333.8 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 404,746 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

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

The majority, or 78 percent of the 70,959 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

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