Alexander Meroni pays $6M to Brooklyn Standard for mixed-use building in Williamsburg
Alexander Meroni through the entity 1193 Bergen LLC paid $6 million to Brooklyn Standard Properties through the entity 116 Bedford Avenue, LLC for six-unit mixed-use building at 116 Bedford Avenue in Williamsburg, Brooklyn.
The deal closed on December 23, 2021 and was recorded on January 18, 2022.
The property has 6,735 square feet of built space and 775 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $894 and the price per buildable square foot is $803 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 August 6, 2015, for $5.2 million.
The signatory for Brooklyn Standard Properties was David Manheimer. The signatory for Alexander Meroni was Alexander Meroni.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $78,500. One of the projects were to change the building from a RES to a R-2and change the number of residential units from 8 to 6 and were permitted on August 5, 2020.
David Manheimer is co-founder of Brooklyn Standard Properties.
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 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 seven pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On the tax block, the majority, or 42 percent of the 101,833 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 35 percent of the space.
The former owners according to the Department of Housing Preservation and Development included David Manheimer, head officer and Mary Ann Santiago, site manager. The business entities were Livingston Management Services Llc and 116 Bedford Ave Llc.
Within a 400-foot radius of 116 Bedford Avenue, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $796,978. The most recent of these two items was the filing on July 6, 2021 for a 5,800-square-foot COM building with 0 residential units at 132 Bedford Avenue.
Of those 10 items, two were sales above $5 million totaling $160.8 million. The most recent of the two was L3 Capital which bought the 2,510-square-foot, one-unit mixed-use building (K2) on 132 Bedford Avenue and 13 other properties for $145 million from RedSky Capital on January 8, 2021.
Of those 10 items, six were loans above $5 million totaling $226.6 million. The most recent of the six was Empire Capital Holdings which borrowed $15 million from Hakimian Partners secured by the 25,059-square-foot, one-unit hotel (HB) on 156 North 12th Street and two other properties on July 30, 2021.
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