Bungalow Projects further expands East Williamsburg studio dev site with $4.7M purchase

Bungalow Projects through the entity NYM 215 Moore, LLC paid $4.7 million to Mark Azerad through the entity M.I.A. Management Corp. for the industrial building (E9) at 185 Moore Street in East Williamsburg, Brooklyn. The expected use is ground up development. This purchase adds to the potential footprint of a large film and video production studio planned for the block at 242 Seigel Street under Department of Buildings job number B01072781.

The latest images on the DOB website do not reflect this purchase or one made in December 2024, when Bungalow Projects paid $12 million for 194 Seigel Street, which is adjacent to the north of this parcel.

The deal closed on March 13, 2025 and was recorded on March 17, 2025. The property has 8,000 square feet of built space for a total buildable of 8,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $581 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 Mark Azerad was Mark Azerad. The signatory for Bungalow Projects was Travis Feehan . The contract date was November 15, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Bungalow Projects purchased 19 properties in eight transactions for a total of $106.2 million and has no record it sold any properties over the past 24 months.
The seller Mark Azerad had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in East Williamsburg has 8,000 square feet of built space for a total buildable of 8,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $601,000.

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 East Williamsburg, The majority, or 62 percent of the 17.1 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has 1.3 times the average sales volume among other neighborhoods with $354.7 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, East Williamsburg has 1.8 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 14 of the 19 commercial properties representing 220,175 square feet of the 268,723 square feet. The identified owner is Bungalow Projects.
On the tax block, there were two new building construction projects totaling 266,022 square feet. The largest is a 181,747 square-foot 58 building submitted by Bungalow Projects and filed by Susi Yu with plans filed August 22, 2024 and it has not been permitted yet. The second largest is a 150-unit, 84,275 square-foot hotel/dormitory/shelter (R-1) building submitted by Heritage Equity Partners and filed by Allen Konstam with plans filed May 27, 2015 and permitted July 1, 2016.

The majority, or 54 percent of the 268,723 square feet of built space are hotel buildings, with mixed-use buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Bungalow Projects owned at least 19 commercial properties with 155 residential units in New York City with 247,877 square feet and a city-determined market value of $21.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 49 percent of the 247,877 square feet of built space are hotel properties, with mixed-use properties next occupying 27 percent of the space. They are all located in Brooklyn.

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