Aviran Nachum sells mixed-use in Williamsburg for $5.4M

The entity AMMJ 49th Street LLC paid $5.4 million to Aviran Nachum through the entity Mn 147 Wythe Owner LLC for the mixed-use building (S1) at 147 Wythe Avenue in Williamsburg, Brooklyn. The buyer is affiliated with apparel executive Maurice Setton.
The deal closed on April 16, 2024 and was recorded on April 19, 2024. The property has 3,014 square feet of built space and 15 square feet of additional air rights for a total buildable of 3,026 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,791 and the price per buildable square foot is $1,784 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 February 10, 2022, for $3.4 million. The signatory for Aviran Nachum was Aviran Nachum. The signatory for the buyer was attorney Joseph J. Cohen. The contract date was March 19, 2024. Maurice Setton is CEO of apparel importer Vandale Industries.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Maurice Setton had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Aviran Nachum had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Richard Terepka, individual owner.

The property

The mixed-use building with 1 residential units in Williamsburg has 3,014 square feet of built space and 15 square feet of additional air rights for a total buildable of 3,026 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 75 feet deep with a total lot size of 1,513 square feet. The zoning is M1-2/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. 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 $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 31, 2023. 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 $2.2 billion in sales volume in the last two years. For development, Williamsburg has 4.1 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 4.6 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. 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 20 of the 28 commercial properties representing 90,467 square feet of the 127,783 square feet. The largest owner is Wlodzimierz Grzybowski, followed by L3 Capital and then Eva Lesniak.
On the tax block, there was one new building construction project filed totaling 5,391 square feet. It is a 5,391 square-foot mercantile (M) building submitted by Michael Alvandi with plans filed October 14, 2022 and permitted April 3, 2023.

The majority, or 52 percent of the 127,783 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.

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