Adam Semler pays $6.6M for residential walkup in Williamsburg

Adam Semler through the entity Or 159 S 2 LLC paid $6.6 million to Michael Vaglica through the entity Southside Management Corp. for 21-unit residential walkup building at 159 South 2nd Street in Williamsburg, Brooklyn.
The deal closed on December 27, 2021 and was recorded on January 12, 2022.
The property has 16,313 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $404 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 Michael Vaglica was Michael Vaglica. The signatory for Adam J. Semler was Adam J. Semler.
Prior to this transaction, the buyer Adam J. Semler purchased 16 properties in 16 transactions for a total of $95.8 million and had not sold any properties over the past 24 months.
The seller Michael Vaglica had not purchased any other properties and sold one property in one transactions for a total of $3.4 million over the same time period.
The 16,313-square-foot property generated revenue of $357,201 or $22 per square foot, according to the most recent income and expense figures.

In Williamsburg, the majority, 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 in the city. It had 5.1 million square feet of commercial construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were eight pre-foreclosure suit filed among other residential walkup 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 Mike Vaglica, head officer. The business entity was Southside Mangmt.
Within a 400-foot radius of 159 South 2nd St, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, four were loans above $5 million totaling $30.4 million. The most recent of the four was FIA Capital Partners which borrowed $6.4 million from Maguire South LLC secured by the 4,032-square-foot, three-unit three-family building (C0) on 129 South 2nd Street and three other properties on January 11, 2022.

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