Assaf Sanilevich pays $2.3M for mixed-use in Williamsburg

Assaf Sanilevich through the entity 636 Lorimer Condominium, LLC paid $2.3 million to Carolyn Tourloukis for the mixed-use building (S1) at 636 Lorimer Street in Williamsburg, Brooklyn.
The deal closed on June 30, 2023 and was recorded on July 18, 2023. The property has 2,520 square feet of built space and 2,474 square feet of additional air rights for a total buildable of 4,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $898 and the price per buildable square foot is $453 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 Carolyn Tourloukis was Carolyn Tourloukis. The signatory for Assaf Sanilevich was Rosemary Hayden.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Assaf Sanilevich had purchased any other properties and sold one property in one transaction for a total of $2.3 million over the past 24 months.
The seller Carolyn Tourloukis had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Williamsburg has 2,520 square feet of built space and 2,474 square feet of additional air rights for a total buildable of 4,998 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 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 for the past 24 months. 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 $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 4th highest sale turnover among other neighborhoods in the city with $2.5 billion in sales volume in the last two years. For development, Williamsburg is the 9th most active neighborhood among other neighborhoods. It had 4.2 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 four 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 three of the 10 commercial properties representing 13,122 square feet of the 42,810 square feet. The largest owner is Michael Israel, followed by Feng Zhu Tang and then Bill Lika.
On the tax block, there was one new building construction project filed totaling 4,983 square feet. It is a seven-unit, 4,983 square-foot residential (R-2) building submitted by Lenny Gelfand with plans filed February 2, 2022 and it has not been permitted yet.

The majority, or 59 percent of the 42,810 square feet of built space are walkup buildings, with mixed-use buildings next occupying 41 percent of the space.

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