Zhen Bin Wu pays $2.7M for newly built industrial in Red Hook

Zhen Bin Wu through the entity 20 Coffey LLC paid $2.7 million to John Seetin and Robert Seetin through the entity Seetin Holding Group LLC for the industrial building (F5) at 20 Coffey Street in Red Hook, Brooklyn.
The deal closed on April 9, 2024 and was recorded on April 22, 2024. The property has 5,903 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $457 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 7, 2013, for $375,000. The signatory for John Seetin and Robert Seetin was John Seetin and Robert Seetin. The signatory for Zhen Bin Wu was Zhen Bin Wu. The contract date was February 8, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zhen Bin Wu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John Seetin had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Red Hook has 5,903 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 50 feet deep with a total lot size of 3,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $956,000.

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 12 DOB violations in the last year.

Development

On the lot, there is one active new building construction project for a 3,000 square-foot B building. The project was submitted by Robert Seetin with plans filed July 29, 2013 and permitted December 16, 2014.

The neighborhood

In Red Hook, The bulk, or 49 percent of the 9.4 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 30 percent of the space. In sales, Red Hook has 1.7 times the average sales volume among other neighborhoods with $486.4 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Red Hook has had very little major development activity relative to other neighborhoods.It had 810,956 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On the tax block, there were two new building construction projects totaling 28,862 square feet. The largest is a 25,862 square-foot business (B) building submitted by Riegler Moshe with plans filed March 20, 2018 and permitted February 26, 2020. The second largest is a 3,000 square-foot business (B) building submitted by Robert Seetin with plans filed July 29, 2013 and permitted December 16, 2014.

The majority, or 100 percent of the 5,903 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

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