Weiqiang Lin, Aiyue Zhang pay $7.5M for industrial in Greenpoint

Weiqiang Lin and Aiyue Zhang through the entity Dale NY LLC paid $7.5 million to Deborah Rosenberg and Annette Wiesel through the entity A&Z Huron LLC for the industrial building (F5) at 249 Huron Street in Greenpoint, Brooklyn, specialty building (Z9) at 238 Huron Street in Greenpoint, Brooklyn, and specialty building (Z9) on Huron Street in Greenpoint, Brooklyn.
The deal closed on January 10, 2024 and was recorded on January 17, 2024. The three properties have 15,000 square feet of built space and 4,998 square feet of additional air rights for a total buildable of 19,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $500 and the price per buildable square foot is $375 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 Deborah Rosenberg and Annette Wiesel was Deborah Rosenberg and Annette Wiesel. The signatory for Weiqiang Lin and Aiyue Zhang was Weiqiang Lin. The contract date was September 12, 2023.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 249 Huron Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Weiqiang Lin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Deborah Rosenberg had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial buildings in Greenpoint has 15,000 square feet of built space and 4,998 square feet of additional air rights for a total buildable of 19,998 square feet according to a PincusCo analysis of city data. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,000 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 Greenpoint, The bulk, or 29 percent of the 23.7 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Greenpoint has 1.9 times the average sales volume among other neighborhoods with $588.5 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Greenpoint has 2.2 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On the tax block of 249 Huron Street, PincusCo has identified the owners of nine of the 19 commercial properties representing 52,517 square feet of the 113,122 square feet. The largest owner is Yehuda Yaloz, followed by Largavista Companies and then James Dolan.
On the tax block, there was one new building construction project filed totaling 49,992 square feet. It is a 49,992 square-foot business (B) building submitted by Yoel Schwimmer and filed by Yoel Schwimmer with plans filed August 27, 2014 and permitted November 14, 2016.

The majority, or 89 percent of the 113,122 square feet of built space are industrial buildings, with mixed-use buildings next occupying 6 percent of the space.

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