Zhi Xiang Lin pays $2.3M for 3-family in Williamsburg

Zhi Xiang Lin through the entity 241 Grand St Development Inc paid $2.3 million through an estate sale for the three-unit building (C0) at 241 Grand Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on February 10, 2026 and was recorded on February 25, 2026. The property has 3,744 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $607 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 signatory for the estate of the late Gregory Pasternak was Lucille Frumin. The signatory for Zhi Xiang Lin was Zhi Xiang Lin. The contract date was February 10, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Zhi Xiang Lin purchased three properties in three transactions for a total of $6.2 million and has no record it sold any properties over the past 24 months.
The seller Gregory Pasternak had not purchased any other properties and sold three properties in two transactions for a total of $19.6 million over the same time period.

The property

The 1-4 family building with 3 residential units in Williamsburg has 3,744 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 93 feet deep with a total lot size of 1,860 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 $797,000.

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 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 block

On the tax block, there was one new building construction project filed totaling 3,255 square feet. It is a one-unit, 3,255 square-foot 57 building submitted by Shmuel Lein with plans filed February 19, 2023 and it has not been permitted yet.

The majority, or 82 percent of the 24,841 square feet of built space are mixed-use buildings, with retail buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Zhi Xiang Lin owned at least five commercial properties with 20 residential units in New York City with 15,580 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 31 percent of the 15,580 square feet of built space are office properties, with C3 properties next occupying 29 percent of the space. They are all located in Brooklyn.

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