Xin Xiang Lin, Jian Hui Chen pay $8.8M to Jingxi Pan for dev site in Bensonhurst

Xin Xiang Lin and Jian Hui Chen through the entity 65 & Bay Tower LLC paid $8.8 million to Jingxi Pan through the entity Great Empire Beverly Realty LLC for the development parcels (V1) at 2213, 2221 and 2225 65th Street in Bensonhurst, Brooklyn. The expected use is ground up development.
The deal closed on March 24, 2025 and was recorded on April 8, 2025. The three properties have zero square feet of built space and 36,000 square feet of additional air rights for a total buildable of 36,000 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $244 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 Jingxi Pan was Charles K. Luk. The signatory for Xin Xiang Lin and Jian Hui Chen was Xin Xiang Lin. The contract date was November 20, 2024. Charles K. Luk is the manager.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Xin Xiang Lin purchased one property in one transaction for a total of $37.5 million and has no record it sold any properties over the past 24 months.
The seller Jingxi Pan had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $442,000.

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 one DOB violation in the last year.

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 47,806 square feet. The largest, 320912438, is a new building project for a 31-unit, 35,806 square-foot R-2 building submitted by Jingxi Pan with plans filed May 5, 2018 and it has not been permitted yet. The second largest, 321304806, is a new building project for a 10-unit, 12,000 square-foot R-2 building submitted by David Ogorek with plans filed February 11, 2016 and it has not been permitted yet.

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 1.2 times the average sales volume among other neighborhoods with $311.3 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 394,543 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.

The block

On the tax block of 2225 65th Street, PincusCo has identified the owners of five of the 27 commercial properties representing 62,480 square feet of the 234,926 square feet. The largest owner is Frey Management, followed by Qing Di Liu and then Jian Hui Chen.
On the tax block, there were two new building construction projects totaling 47,806 square feet. The largest is a 31-unit, 35,806 square-foot residential (R-2) building submitted by Jingxi Pan with plans filed May 5, 2018 and it has not been permitted yet. The second largest is a 10-unit, 12,000 square-foot residential (R-2) building submitted by David Ogorek with plans filed February 11, 2016 and it has not been permitted yet.

The majority, or 46 percent of the 234,926 square feet of built space are elevator buildings, with mixed-use buildings next occupying 26 percent of the space.

The buyer

The PincusCo database currently indicates that Xin Xiang Lin owned at least nine commercial properties with 235 residential units in New York City with 256,176 square feet and a city-determined market value of $48.4 million. (Market value is typically about 50% of actual value.) The portfolio has $87.8 million in debt, with top three lenders as Cathay Bank, Popular Bank, and Amerasia Bank respectively. Within the portfolio, the bulk, or 65 percent of the 256,176 square feet of built space are D7 properties, with elevator properties next occupying 26 percent of the space. The bulk, or 98 percent of the built space, is in Queens, with Manhattan next at 2 percent of the space.

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