Almutasemb Shehada pays $1.9M for mixed-use in Bay Ridge

Almutasemb Shehada through the entity 8418 5th Avenue LLC paid $1.9 million to William S. Hionas through the entity WHN Realty Corp. for the two-unit mixed-use building (S2) at 8418 5th Avenue in Bay Ridge, Brooklyn.
The deal closed on March 27, 2023 and was recorded on April 14, 2023. The property has 3,300 square feet of built space and 102 square feet of additional air rights for a total buildable of 3,404 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $566 and the price per buildable square foot is $549 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 William S. Hionas was William S. Hionas. The signatory for Almutasemb Shehada was Almutasemb Shehada.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Almutasemb Shehada had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller William S. Hionas had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Bay Ridge has 3,300 square feet of built space and 102 square feet of additional air rights for a total buildable of 3,404 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 85 feet deep with a total lot size of 1,702 square feet. The lot is irregular. 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 $1.3 million.

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 $100 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 Bay Ridge, The bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has 1.7 times the average sales volume among other neighborhoods with $585.5 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 267,978 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There were two 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 two of the 15 commercial properties representing 109,158 square feet of the 155,710 square feet. The two identified owners are Thomas Pham and Leonard Schwartz.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 155,710 square feet of built space are elevator buildings, with mixed-use buildings next occupying 26 percent of the space.

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