Witnick Real Estate pays $4.4M to George Wong for residential walkup in Brooklyn Heights

Witnick Real Estate Partners through the entity 93 Hicks Partners LLC paid $4.4 million to George Wong through the entity Wongs Management Corp. for the 16-unit residential walkup building at 93 Hicks Street in Brooklyn Heights, Brooklyn.
The deal closed on December 22, 2021 and was recorded on January 7, 2022.
The property has 7,600 square feet of built space and 1,029 square feet of additional air rights for a total buildable of 8,641 square feet according to PincusCo analysis of city data. The sale price per built square foot is $573 and the price per buildable square foot is $504 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 George Wong was George Wong. The signatory for Witnick Real Estate Partners was Ramiel Ben-Yehuda.
Prior to this transaction, the buyer Witnick Real Estate Partners purchased seven properties in eight transactions for a total of $79.6 million and sold two properties in two transactions for a total of $8.7 million over the past 24 months.
The seller George Wong had not purchased any other properties and sold one properties in one transactions for a total of $3.5 million over the same time period.
The 7,600-square-foot property generated revenue of $309,607 or $41 per square foot, according to the most recent income and expense figures.

Ramiel Ben-Yehuda is a construction manager at Witnick Real Estate Partners.
In Brooklyn Heights, the majority, or 38 percent of the 23.8 million square feet of built space are residential elevator buildings, with office buildings next occupying 14 percent of the space. In sales, Brooklyn Heights has had very little sales volume relative to neighborhoods in the city with $224.5 million in sales volume in the last two years. For development, Brooklyn Heights has had very little major development activity relative to other neighborhoods. It had 261,202 square feet of commercial construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 69 percent of the 304,987 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space.
The owners according to the Department of Housing Preservation and Development includes George Wong, head officer and Gin Wong, officer. The business entity is Wongs Management Corp.
Within a 400-foot radius of 93 Hicks Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on March 19, 2020 for the $2.4 million renovation of 333,325-square-foot R-2 building with 276 residential units at 111 Hicks Street.
One of those three items was a sale which Greenbrook Partners bought the 7,322-square-foot, 20-unit rental (C1) on 75 Pineapple Street for $5.7 million from Raj Associates on January 15, 2021.
One of those three items was a loan which Greenbrook Partners borrowed $31.1 million from FS Investments and Rialto Capital Management secured by the 5,940-square-foot, 20-unit rental (C1) on 75 Pineapple Street and nine other properties on January 26, 2021.

Direct link to Acris document. link