Yi Jian Lin pays $4.3M for industrial in East Williamsburg

Yi Jian Lin through the entity 201 Ingraham LLC paid $4.3 million to Interboro Sign & Electrical Maintenance through the entity Ingraham Street Realty Corp. for the industrial building (F5) at 201 Ingraham Street in East Williamsburg, Brooklyn.
The deal closed on February 28, 2024 and was recorded on March 6, 2024. The property has 10,500 square feet of built space and 10,500 square feet of additional air rights for a total buildable of 21,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $411 and the price per buildable square foot is $205 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 April 6, 2006, for $1.1 million. The signatory for Interboro Sign & Electrical Maintenance was Lawrence DeRespinis. The signatory for Yi Jian Lin was Yi Jian Lin. The contract date was August 23, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yi Jian Lin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Interboro Sign & Electrical Maintenance had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in East Williamsburg has 10,500 square feet of built space and 10,500 square feet of additional air rights for a total buildable of 21,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 105 feet deep with a total lot size of 10,500 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $1.2 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 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 neighborhood

In East Williamsburg, The majority, or 62 percent of the 17 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has near average sales volume among other neighborhoods with $297.3 million in sales volume in the last two years and is the 26th highest in Brooklyn. For development, East Williamsburg has had very little major development activity relative to other neighborhoods.It had 778,603 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.

The block

There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 87,218 square feet of built space are industrial buildings, with retail buildings next occupying 3 percent of the space.

The buyer

The PincusCo database currently indicates that Yi Jian Lin owned at least four commercial properties with 24 residential units in New York City with 102,773 square feet and a city-determined market value of $12.8 million. (Market value is typically about 50% of actual value.) The portfolio has $18 million in debt, borrowed from Cathay Bank. Within the portfolio, the bulk, or 70 percent of the 102,773 square feet of built space are industrial properties, with elevator properties next occupying 30 percent of the space. The bulk, or 70 percent of the built space, is in Queens, with Brooklyn next at 30 percent of the space.

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