Alex Rabin pays $4.7M for residential walkup in Williamsburg

Alex Rabin through the entity 150 N Owner LLC paid $4.7 million to Daniel Andrejczuk and Alicja Andrejczuk through the entity 150 North 9th Street, LLC for the midblock seven-unit residential walkup building at 150 North 9th Street in Williamsburg, Brooklyn. There have been five walkup sales in Williamsburg this year, compared with 41 in all of 2021. From 2018 to 2020 the average was 18 per year.
The deal closed on May 24, 2022 and was recorded on June 9, 2022. The property has 5,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $856 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 Daniel Andrejczuk and Alicja Andrejczuk was Daniel Andrejczuk and Alicja Andrejczuk. The signatory for Alex Rabin was Alex Rabin. Daniel Andrejczuk and Alicja Andrejczuk signed the previous loan for the property.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Alex Rabin purchased one properties in one transactions for a total of $2.3 million and has no record it sold any properties over the past 24 months.
The seller Daniel Andrejczuk had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Daniel Andrejczuk, head officer. The business entity is 150 N. 9th Street Llc. The 5,500-square-foot property generated revenue of $139,205 or $25 per square foot, according to the most recent income and expense figures.

The property

The 150 North 9th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of commercial built space are residential elevator buildings, with residential walk 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 eight pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 11 of the 23 commercial properties representing 59,400 square feet of the 114,400 square feet. The largest owner is Stanley Panek, followed by Krystyna Malik and then Maria Jarymowycz. There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 160,464 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Daniel Andrejczuk owned at least one commercial property with 5,500 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Alex Rabin owned at least one commercial property with 4,800 square feet and a city-determined market value of $939,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

Surrounding

Within a 400-foot radius of 150 North 9th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on July 6, 2021 for the $399,978 renovation of 5,800-square-foot COM building with zero residential units at 132 Bedford Avenue.
Of those six items, two were sales above $5 million totaling $163.5 million. The most recent of the two was Lineaire Group which bought the 36,760-square-foot, 23-unit rental (D1) on 144 North 10th Street for $18.5 million from Philip Herschenfeld and Sandor Genet on June 3, 2022.
Of those six items, three were loans above $5 million totaling $152.1 million. The most recent of the three was GFI Capital Resources Group which borrowed $17.2 million from Metropolitan Commercial Bank secured by two condo units in the 19,263-square-foot, 44-unit mixed-use building (RM) on 144 North 8th Street on June 7, 2022.

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