Zu Fei Weng pays $6M to Kyle Minarsky for industrial in East Williamsburg

Zu Fei Weng through the entity Wx Ny Realty LLC paid $6 million to Kyle Minarsky through the entity Psk Realty, LLC for industrial condo unit 2 at 137 Gardner Avenue in East Williamsburg, Brooklyn.
The deal closed on September 15, 2022 and was recorded on October 3, 2022. The property has 12,094 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $496 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 Kyle Minarsky was Kyle Minarsky. The signatory for Zu Fei Weng was Zu Fei Weng.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Zu Fei Weng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kyle Minarsky had not purchased any other properties and had not sold any properties over the same time period.

The property

The 137 Gardner Avenue parcel has a total lot size of 12,094 square feet. The city-designated market value for the property in 2022 is $499,884.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In East Williamsburg, the majority, or 63 percent of the 16.3 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 10 percent of the space. In sales, East Williamsburg has 1.4 times the average sales volume among other neighborhoods with $495.7 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, East Williamsburg has 1.3 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 135,866 square feet of built space are industrial buildings.

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