Bruklyn Builders pays $2.8M for mixed-use in Williamsburg

Bruklyn Builders through the entity 533 Grand LLC paid $2.8 million for the two-unit mixed-use building (S2) at 533 Grand Street in Williamsburg, Brooklyn. The expected use is ground up development.
The deal closed on November 12, 2024 and was recorded on November 29, 2024. The property has 3,240 square feet of built space and 6,360 square feet of additional air rights for a total buildable of 9,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $848 and the price per buildable square foot is $286 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 the seller Plutarch Realty Corp. was Jung Suk Anton. The signatory for Bruklyn Builders was David Halberstam. The contract date was August 7, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bruklyn Builders had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jung Suk Anton 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 Williamsburg has 3,240 square feet of built space and 6,360 square feet of additional air rights for a total buildable of 9,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,400 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $5 million money judgment concerning construction filed on January 11, 2023, by Paul Anton and June Suk Seo against Steven Makowsky. In addition, according to city public data, the property has received one DOB violation and $50 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 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 $1.9 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. 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.

The block

On this tax block, PincusCo has identified the owners of six of the 29 commercial properties representing 45,248 square feet of the 135,109 square feet. The largest owner is Alon Ashourzadeh, followed by Living New York and then Corner Street Capital.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 135,109 square feet of built space are mixed-use buildings, with elevator buildings next occupying 16 percent of the space.

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