Winston Wang pays $3.8M to Aspen Capital for mixed-use in East Flatbush

Winston Wang paid $3.85 million to Aspen Capital for three mixed-use buildings in East Flatbush, Brooklyn, in three separate transactions.

In the first, Winston Wang through the entity W1760 Holdings LLC paid $1.4 million to Aspen Capital through the entity Dg Brooklyn 1760 Cre 032 LLC for the two-unit mixed-use building (S2) at 1760 Nostrand Avenue in East Flatbush, Brooklyn.
The deal closed on December 20, 2023 and was recorded on January 5, 2024. The property has 3,120 square feet of built space and 768 square feet of additional air rights for a total buildable of 3,888 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $444 and the price per buildable square foot is $356 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 $1.5 million. The signatory for Aspen Capital was Lauren DeMasi. The signatory for Winston Wang was Winston Wang. The contract date was November 20, 2023.

In the second, Winston Wang through the entity W1509 Holdings LLC paid $1.3 million to Aspen Capital through the entity Dg Brooklyn 1509 Cre 030 LLC for the two-unit mixed-use building (S2) at 1509 Nostrand Avenue in East Flatbush, Brooklyn. The deal closed on December 20, 2023 and was recorded on January 5, 2024. The property has 3,480 square feet of built space and 1,380 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $375 and the price per buildable square foot is $269 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 $1.5 million. The signatory for Aspen Capital was Lauren DeMasi. The signatory for Winston Wang was Winston Wang. The contract date was November 20, 2023.

In the third, Winston Wang through the entity W1698 Holdings LLC paid $1.2 million to Aspen Capital through the entity Dg Brooklyn 1698 Cre 031 LLC for the two-unit mixed-use building (S2) at 1698 Nostrand Avenue in East Flatbush, Brooklyn. The deal closed on December 20, 2023 and was recorded on January 5, 2024. The property has 3,540 square feet of built space and 1,344 square feet of additional air rights for a total buildable of 4,874 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $326 and the price per buildable square foot is $237 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 $1.5 million. The signatory for Aspen Capital was Lauren DeMasi. The signatory for Winston Wang was Winston Wang. The contract date was November 20, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Winston Wang purchased one property in one transaction for a total of $3.6 million and has no record it sold any properties over the past 24 months.
The seller Aspen Capital 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 Jennifer Novelli, head officer. The business entity is Dg Brooklyn 1760 Cre 032 Llc.

The property

The mixed-use building with 2 residential units in East Flatbush has 3,120 square feet of built space and 768 square feet of additional air rights for a total buildable of 3,888 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 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 five DOB violations and $750 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 East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has near average sales volume among other neighborhoods with $343.4 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, East Flatbush has 2 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were seven pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 37 commercial properties representing 23,798 square feet of the 149,828 square feet. The largest owner is Yoel Shafer, followed by S.W. Management and then Fatos Prelvukaj.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 149,828 square feet of built space are mixed-use buildings, with walkup buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that Winston Wang owned at least one commercial property with eight residential units in New York City with 7,000 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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