Adam J. Semler pays $3.1M for mixed-use building in Williamsburg

Adam J. Semler through the entity Or 303 Bedford, LLC paid $3.1 million to Alfredo Gongora through the entity Gongora, Alfredo for two-unit mixed-use building at 303 Bedford Avenue in Williamsburg, Brooklyn.
The deal closed on January 25, 2022 and was recorded on February 3, 2022.
The property has 2,880 square feet of built space and 1,416 square feet of additional air rights for a total buildable of 4,301 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,076 and the price per buildable square foot is $720 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 Alfredo Gongora was Alfredo Gongora. The signatory for Adam J. Semler was Adam J. Semler.
Prior to this transaction, the buyer Adam J. Semler purchased 17 properties in 16 transactions for a total of $95.8 million and had not sold any properties over the past 24 months.
The seller Alfredo Gongora had not purchased any other properties and had not sold any properties over the same time period.

In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 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. There were seven pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On the tax block, the majority, or 51 percent of the 148,710 square feet of built space are residential walkup buildings, with walkup buildings next occupying 18 percent of the space.
The former owner according to the Department of Housing Preservation and Development was Alfredo Gongora, individual owner.
Within a 400-foot radius of 303 Bedford Avenue, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
One of those seven items was a sale which Adam J. Semler bought the 16,313-square-foot, 23-unit rental (C7) on 159 South 2nd Street for $6.6 million from Michael Vaglica on January 12, 2022.
Of those seven items, six were loans above $5 million totaling $58.3 million. The most recent of the six was Joshua Wagschal which borrowed $16.9 million from Starwood Capital Group secured by the 4,608-square-foot, three-unit mixed-use building (S2) on 318 Bedford Avenue and nine other properties on January 25, 2022.

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