Avi Szenberg, Jacob Okun pay $6M for specialty in Williamsburg
Avi Szenberg and Jacob Okun through the entity S&O 741 Flushing LLC paid $6 million to the estate of Sylvia Weston through the entity Gregg-Blaine Realty Co. for the specialty building (I9) at 741 Flushing Avenue in Williamsburg, Brooklyn.
The deal closed on March 22, 2023 and was recorded on April 3, 2023. The property has 22,430 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $267 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 property
The parcel has frontage of 55 feet and is 100 feet deep with a total lot size of 8,199 square feet. The lot is irregular. 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 $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 $25,000 in ECB 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 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 6th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Williamsburg is the 5th most active neighborhood among other neighborhoods. It had 4.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of five of the 20 commercial properties representing 92,920 square feet of the 165,004 square feet. The largest owner is Elysee Investment Company, followed by NYC Top Construction and then St. Nicks Alliance.
There are no active new building construction projects on this tax block.
The majority, or 46 percent of the 165,004 square feet of built space are office buildings, with mixed-use buildings next occupying 38 percent of the space.
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