Abdallah Njeim pays $3.4M to Bungalow Projects for industrial in East Williamsburg

Abdallah Njeim of M&N General Services through the entity Azna Realty LLC paid $3.4 million to Bungalow Projects through the entity NYM 215 Moore, LLC for the industrial building (F4) at 200 Seigel Street in East Williamsburg, Brooklyn. The expected use is owner-occupied.

This sale is part of a Bungalow Projects development which calls forx a six-story, 351,100-square-foot film and television production studio at 215 Moore Street, through job number B01072781. In a related transaction that has not yet been recorded, Njeim is expected to sell 187 Moore Street to Bungalow Projects.
The deal closed on April 24, 2025 and was recorded on April 30, 2025. The property has 7,500 square feet of built space for a total buildable of 7,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $453 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 seller bought the property on December 13, 2024, for $12 million, but at the time it was 17,500 square feet, and this transaction is for only a portion of the 17,500 square foot property. The signatory for Bungalow Projects was Travis Feehan . The signatory for Abdallah Njeim was Abdallah Njeim. The contract date was September 16, 2024.

On December 13, 2024, Bungalow Projects paid $12 million for the parcel that was 175 feet by 100 feet, then that tax lot was divided, and 100 feet by 100 feet was retained by Bungalow and added to the tax lot 22. This sale is the remaining 75 feet by 100 feet. The parties also recorded a right of first offer option that expires in 2030 for Bungalow to purchase the property for an undisclosed price.

According to a New York City Industrial Agency cost-benefit analysis for 215 Moore Street, “200 Seigel St (Block 3100, Lot 15) [was occupied by] Kings Glass (Koon-Yip Glass Creation & Decoration Co., Inc.) [which] is a glass manufacturer and was this site’s owner-user (used all 17,500 existing sf). At closing in December 2024, the seller-user delivered the building vacant. The 17,500 sf building will be apportioned into two separate tax lots: (i) a 10,000 sf portion to be kept by Bungalow Projects and (ii) a 7,500 sf portion to be sold to the seller of 187 Moore St (Block 3100, Lot 69).”

“Total Project costs are about $312 million. Construction is projected to begin in Q2 2025 and, following a two-year construction period, will be completed by summer of 2027. Lease up will take up to 6 months and the Project will be fully stabilized by late 2027.”

Abdallah Njeim through Azna Realty LLC is still listed as the owner of 187 Moore Street, but that property is in the footprint of the Bungalow Projects studio.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Abdallah Njeim had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bungalow Projects purchased 20 properties in nine transactions for a total of $110.9 million and had not sold any properties over the same time period. The 17,500-square-foot property generated revenue of $448,350 or $26 per square foot, according to the most recent income and expense figures.

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 17.1 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 1.4 times the average sales volume among other neighborhoods with $385.1 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, East Williamsburg has 1.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 15 of the 19 commercial properties representing 228,175 square feet of the 268,723 square feet. The identified owner is Bungalow Projects.
On the tax block, there were two new building construction projects totaling 266,022 square feet. The largest is a 181,747 square-foot movie studio building submitted by Bungalow Projects and filed by Susi Yu with plans filed August 22, 2024 and it has not been permitted yet. The second largest is a 150-unit, 84,275 square-foot hotel/dormitory/shelter (R-1) building submitted by Heritage Equity Partners and filed by Allen Konstam with plans filed May 27, 2015 and permitted July 1, 2016.

The majority, or 54 percent of the 268,723 square feet of built space are hotel buildings, with mixed-use buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Bungalow Projects owned at least 20 commercial properties with 155 residential units in New York City with 255,877 square feet and a city-determined market value of $22.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 47 percent of the 255,877 square feet of built space are hotel properties, with mixed-use properties next occupying 27 percent of the space. They are all located in Brooklyn.

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