Zhi Xiang Lin pays $2.8M for 3-family in Williamsburg
323 South 5th Street (Credit - Google)
Zhi Xiang Lin through the entity 323 S5 LLC paid $2.8 million to Alyssa Maria Rivera and Hiram Luis Oquendo Jr. for the three-unit building (C0) at 323 South 5th Street in Williamsburg, Brooklyn.
The deal closed on March 14, 2023 and was recorded on March 29, 2023. The property has 4,556 square feet of built space and 715 square feet of additional air rights for a total buildable of 5,268 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $603 and the price per buildable square foot is $521 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.)
Prior sales and revenue
The former owner according to the Department of Housing Preservation and Development is Hiram Oquendo, individual owner.
The property
The parcel has frontage of 21 feet and is 100 feet deep with a total lot size of 2,168 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.5 million.
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 this tax block, PincusCo has identified the owners of four of the six commercial properties representing 58,532 square feet of the 66,165 square feet. The largest owner is Isidore Heimann, followed by Jacob Hager and then Soonbin Kim.
There are no active new building construction projects on this tax block.
The majority, or 88 percent of the 66,165 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.
Direct link to Acris document. link