Xiao Jia Wang pays $2.1M for 16-unit walkup in Sunset Park

Xiao Jia Wang through the entity Good Future Vw LLC paid $2.1 million to Stephen A. Beinert, John F. Beinert, and Peter D’Arco for the 16-unit residential walkup building (C1) at 753 52nd Street in Sunset Park, Brooklyn.
The deal closed on March 31, 2023 and was recorded on April 19, 2023. The property has 9,320 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $225 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 signatories for the sellers were Stephen A. Beinert, John F. Beinert, and Peter D’Arco. The signatory for Xiao Jia Wang was Xiao Jia Wang.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Xiao Jia Wang purchased two properties in two transactions for a total of $4.3 million and has no record it sold any properties over the past 24 months.
The seller Stephen A. Beinert 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 Stephen Beinert, individual owner. The 9,320-square-foot property generated revenue of $143,162 or $15 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Sunset Park has 9,320 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,006 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 $737,000.

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 not received any significant violations 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 block

On this tax block, PincusCo has identified the owners of five of the 34 commercial properties representing 22,491 square feet of the 132,280 square feet. The largest owner is Xiwu Hu, followed by Stephen Beinert and then Hui Qin He.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 132,280 square feet of built space are mixed-use buildings, with walkup buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Xiao Jia Wang owned at least two commercial properties with 12 residential units in New York City with 13,650 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. They are all located in Brooklyn.

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