Zailan Xu pays $3.5M for 27-unit walkup in Dyker Heights

Zailan Xu through the entity Golden Circle 6623 LLC paid $3.5 million to Maria Andrews through the entity 6623 Realty Consultants LLC for the 27-unit residential walkup building (C7) at 6623 Ft Hamilton Parkway in Dyker Heights, Brooklyn. The expected use is cash flowing.
The deal closed on March 28, 2025 and was recorded on April 3, 2025. The property has 24,001 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $145 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 October 7, 2021, for $5.2 million. The signatory for Maria Andrews was Maria Andrews. The signatory for Zailan Xu was Zailan Xu. The contract date was February 10, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zailan Xu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maria Andrews had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential walkup building with 27 residential units in Dyker Heights has 24,001 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 106 feet deep with a total lot size of 5,075 square feet. The lot is irregular. 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 $2.1 million. The most recent loan totaled 0.0 and was provided by NYB Kings Real Estate on February 26, 2024. The property has 22 rent regulated units according to city tax records from 2022.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $3.9 million commercial foreclosure concerning a loan filed on July 14, 2023, by Flagstar Bank against Michael Angelopoulos estate and Maria Andrews. In addition, according to city public data, the property has received one DOB violation, 188 housing violations, $5,740 in OATH penalties, and one housing litigation 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 block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 67,931 square feet of the 131,662 square feet. The largest owner is Michael Angelopoulos, followed by Refik Kosovrasti and then Sandor Vasvari.
There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 131,662 square feet of built space are walkup buildings, with mixed-use buildings next occupying 20 percent of the space.

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