Akram Saeidi pays $2.1M for mixed-use in Bedford Stuyvesant

Akram Saeidi through the entity 922 B LLC paid $2.1 million to the entity GS-Ny Realty Group LLC for the four-unit mixed-use building (S9) at 922 Broadway in Bedford Stuyvesant, Brooklyn.
The deal closed on May 9, 2024 and was recorded on May 24, 2024. The property has 6,502 square feet of built space and 4,201 square feet of additional air rights for a total buildable of 10,704 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $322 and the price per buildable square foot is $196 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 the sellers Julia Frayman and Yuliya Golovina was Irina Saks. The signatory for Akram Saeidi was Akram G. Saeidi. The contract date was January 25, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Akram Saeidi purchased one property in one transaction for a total of $2.4 million and has no record it sold any properties over the past 24 months.
The seller Julia Frayman had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Yuliya Golovina, head officer and Julia Frayman, officer. The business entity is Gs – Ny Realty Group Llc.

The property

The mixed-use building with 4 residential units in Bedford Stuyvesant has 6,502 square feet of built space and 4,201 square feet of additional air rights for a total buildable of 10,704 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 83 feet deep with a total lot size of 2,676 square feet. The lot is irregular. The zoning is C4-4L which allows for up to nan times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $752,000.

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 received $50 in OATH penalties 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 Bedford Stuyvesant, The bulk, or 35 percent of the 54.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.2 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 16 commercial properties representing 162,091 square feet of the 241,570 square feet. The largest owner is Zi Chun Zhang, followed by William Chun and then Leon Mann.
On the tax block, there was one new building construction project filed totaling 172,629 square feet. It is a 196-unit, 172,629 square-foot residential (R-2) building submitted by Cornell Realty Management and filed by Shifra Hager with plans filed December 30, 2014 and it has not been permitted yet.

The majority, or 54 percent of the 241,570 square feet of built space are elevator buildings, with mixed-use buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Akram Saeidi owned at least two commercial properties with three residential units in New York City with 5,944 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. The bulk, or 71 percent of the built space, is in Queens, with Brooklyn next at 29 percent of the space.

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