Yihai Group pays $45.3M to American Realty for W’burg rental, $11M below 2012 price
Yihai Group through the entity 111 Kent LLC paid American Realty Advisors’s SVF Kent Brooklyn Corporation $45.3 million for 111 Kent Avenue in Williamsburg. The deal closed on August 14, 2020, and was recorded on August 26, 2020. The transaction consists of 1 parcel, including the tax class multifamily, luxury type (D8) and containing 62 residential units. The property is 82,081 square feet. The parcel(s) have total development potential of 82,081 square feet.
The sale price per unit is $731,290..
The contract date was August 12, 2020, two days before the closing. The signatory for the seller was ARA CEO Stanley Iezman. The signatory for the buyer was Jonda Chen. No acquisition debt was recorded. Yihai Group is based in Beijing. Yihai North America is headquartered at 90 Broad Street.
The last time the property sold was May 9, 2012, when American Realty bought it from Stellar Management for $56 million. American Realty had a $21.75 million acquisition loan against the property given by Brooklyn Finance Company, an affiliate of American Realty that has lent on three American Realty properties in the city. That loan, signed by American Realty CEO Stanley Iezman, was paid off at the time of the sale.
The cover sheet of the Satisfaction of Mortgage contains an error, in which the satisfied lender is misidentified as 111 Stellar 8 Owner, LLC, which was the seller of the property in 2012, and did not ever record a document as a lender. In February the Yihai Group sold a Flushing development site for $59 million.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $224,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $669,498.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Junda Chen