Xiu Gan Zheng pays $3M for mixed-use in Sunset Park

Xiu Gan Zheng through the entity 5121 Brooklyn Inc. paid $3 million to Chi Han Woo through the entity Anita & Monica LLC for the four-unit mixed-use building (S4) at 5121 8th Avenue in Sunset Park, Brooklyn.
The deal closed on September 20, 2023 and was recorded on October 4, 2023. The property has 3,534 square feet of built space and 151 square feet of additional air rights for a total buildable of 3,691 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $848 and the price per buildable square foot is $812 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 Chi Han Woo was Mark A. Chapman. The signatory for Xiu Gan Zheng was Xiu Gan Zheng. The contract date was April 7, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Xiu Gan Zheng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Chi Han Woo had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Chi Woo, head officer and Monica Woo, officer. The business entity is Anita & Monica Llc.

The property

The mixed-use building with 4 residential units in Sunset Park has 3,534 square feet of built space and 151 square feet of additional air rights for a total buildable of 3,691 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 80 feet deep with a total lot size of 1,519 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 $475,000.

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 received $50 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 Sunset Park, The bulk, or 30 percent of the 34 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Sunset Park has 1.5 times the average sales volume among other neighborhoods with $527.4 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 5,185 square feet of commercial and multi-family construction under development in the last two years, which represents 0.02 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block, there were three new building construction projects totaling 39,901 square feet. The largest is a 15-unit, 18,901 square-foot residential (R-2) building submitted by Ouyang Wang with plans filed September 13, 2022 and it has not been permitted yet. The second largest is a 15-unit, 16,604 square-foot residential (R-2) building submitted by Yudi Huang with plans filed July 26, 2022 and it has not been permitted yet.

The majority, or 47 percent of the 105,208 square feet of built space are mixed-use buildings, with walkup buildings next occupying 43 percent of the space.

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