Andrew Tarlow pays $2.9M for two properties in Williamsburg

Andrew Tarlow through the entity Eleusis LLC paid $2.9 million to Isaac Dahan through the entity 374 Berry Street Realty Corp for the retail building (K1) at 85 Broadway and the adjacent vacant parcel (V1) on Berry Street in Williamsburg, Brooklyn.
The deal closed on August 22, 2023 and was recorded on September 5, 2023. The two properties have 1,113 square feet of built space and 3,788 square feet of additional air rights for a total buildable of 4,901 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,605 and the price per buildable square foot is $591 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 Isaac Dahan was Isaac Dahan. The signatory for Andrew Tarlow was Andrew Tarlow. The contract date was August 22, 2023.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 85 Broadway.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Andrew Tarlow had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Isaac Dahan had not purchased any other properties and sold four properties in two transactions for a total of $17.6 million over the same time period.

The property

The retail building in Williamsburg has 1,113 square feet of built space and 3,788 square feet of additional air rights for a total buildable of 4,901 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 44 feet deep with a total lot size of 1,113 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $377,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 $1 million on this tax lot.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 5th highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Williamsburg is the 9th most active neighborhood among other neighborhoods. It had 4.1 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.

The block

On the tax block, there was one new building construction project filed totaling 7,191 square feet. It is a seven-unit, 7,191 square-foot residential (R-2) building submitted by Kevin Wey with plans filed November 1, 2022 and permitted May 26, 2023.

The majority, or 53 percent of the 16,763 square feet of built space are industrial buildings, with retail buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Isaac Dahan owned at least three commercial properties with 60 residential units in New York City with 76,690 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) The portfolio has $34.8 million in debt, borrowed from Sterling National Bank and Argentic Investment Management. Within the portfolio, the bulk, or 73 percent of the 76,690 square feet of built space are D6 properties, with walkup properties next occupying 27 percent of the space. The bulk, or 84 percent of the built space, is in Brooklyn, with Queens next at 16 percent of the space.

Direct link to Acris document. link