Zhi Xiang Lin pays $2.6M for office building in East Williamsburg

Zhi Xiang Lin through the entity 877 Grand Street LLC paid $2.6 million to Alphonse Milo through the entity 879 Grand Street LLC for the office building (O5) at 879 Grand Street in East Williamsburg, Brooklyn.
The deal closed on April 17, 2024 and was recorded on April 30, 2024. The property has 4,875 square feet of built space and 2,623 square feet of additional air rights for a total buildable of 7,496 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $533 and the price per buildable square foot is $346 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 Alphonse Milo was Alphonse Milo. The signatory for Zhi Xiang Lin was Zhi Xiang Lin. The contract date was November 6, 2023.

Prior sales and revenue

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

The property

The office building in East Williamsburg has 4,875 square feet of built space and 2,623 square feet of additional air rights for a total buildable of 7,496 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,874 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $699,000.

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 neighborhood

In East Williamsburg, The majority, or 62 percent of the 17 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has near average sales volume among other neighborhoods with $288.3 million in sales volume in the last two years and is the 27th highest in Brooklyn. For development, East Williamsburg has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 974,710 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.

The block

On this tax block, PincusCo has identified the owners of eight of the 15 commercial properties representing 244,634 square feet of the 276,044 square feet. The largest owner is Yidel Hirsch, followed by St. Nicholas Alliance.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 276,044 square feet of built space are elevator buildings, with mixed-use buildings next occupying 8 percent of the space.

The buyer

The PincusCo database currently indicates that Zhi Xiang Lin owned at least two commercial properties with three residential units in New York City with 4,556 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 4,556 square feet of built space are C0 properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

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