Li Lan Wu Acquires Mixed-Use Property In Sunset Park For $5.8M

The mixed-use property located at 5704 8th Avenue in Sunset Park was sold at a price of $5,800,000. The property spans 3,120 square feet, resulting in a price per square foot of $1,858. The transaction took place on August 29, 2020. The buyer and borrower in the deal was Li Lan Wu, while the seller or lender was Edmond J. Fong. The loan amount associated with the transaction was $3,100,000. The property falls under the zoning classifications of R6 and C2-4, with a floor area ratio (FAR) of 2.43. The FAR as built is 1.95. The property consists of two units and sits on a lot with dimensions of 20 feet by 80 feet.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $5,800,000
• Square Footage: 3,120
• Price per Square Foot: $1,858
• Loan Amount: $3,100,000
• Buyer/Borrower: Li Lan Wu
• Seller/Lender: Edmond J. Fong
• Zoning: R6, C2-4
• Floor Area Ratio (FAR): 2.43
• FAR as Built: 1.95
• Units: 2
• Lot Dimensions: 20 feet x 80 feet

The sale of this property highlights the successful transaction between Li Lan Wu as the buyer/borrower and Edmond J. Fong as the seller/lender. It is a significant deal in the Sunset Park market, reflecting the value and potential of the mixed-use property. The transaction showcases the expertise and negotiation skills of both parties' representatives in facilitating a successful agreement.