Yiming Wang pays $6.8M to DAX Real Estate for mixed-use in Williamsburg

Yiming Wang through the entity White Lilacs Inc. paid $6.8 million to DAX Real Estate through the entity 191 Grand Owner LLC for the three-unit mixed-use building (K4) at 191 Grand Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on April 1, 2025 and was recorded on April 7, 2025. The property has 7,039 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $966 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 May 16, 2022, for $5.8 million. The signatory for DAX Real Estate was Daniel Hedaya . The signatory for Yiming Wang was Yiming Wang. The contract date was April 1, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yiming Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller DAX Real Estate purchased four properties in one transaction for a total of $7.8 million and sold two properties in two transactions for a total of $10.5 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Maxwell Seibald, head officer. The business entity is 191 Grand Owner Llc. The 7,039-square-foot property generated revenue of $300,143 or $43 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 3 residential units in Williamsburg has 7,039 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 104 feet deep with a total lot size of 2,608 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 $1.2 million. The most recent loan totaled $3.6 million and was provided by TD Bank on December 19, 2019.

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 $1,650 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 Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 4th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Williamsburg has 2.5 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 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 this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 31,755 square feet of the 87,513 square feet. The largest owner is Harvey Elgart, followed by Rosa Ortiz and then Meadow Partners.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 87,513 square feet of built space are mixed-use buildings, with specialty buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Dax Real Estate owned at least 16 commercial properties with 56 residential units in New York City with 95,922 square feet and a city-determined market value of $25.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 95,922 square feet of built space are mixed-use properties, with industrial properties next occupying 15 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link