Bungalow Projects pays $1M for industrial in East Williamsburg, expected purchase

Bungalow Projects through the entity NYM 215 Moore, LLC paid $1 million to Abdallah Njeim through the entity Azna Realty LLC for the industrial building (E9) at 187 Moore Street in East Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on April 24, 2025 and was recorded on May 5, 2025. The property has 3,948 square feet of built space for a total buildable of 3,948 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $253 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 April 2, 2018, for $2.3 million. The signatory for Abdallah Njeim was Abdallah Njeim. The signatory for Bungalow Projects was Travis Feehan . The contract date was September 16, 2024. This is part of an exchange, in which Njeim paid $3.4 million to Bungalow Projects to move from 187 Moore to 200 Seigel, and Bungalow Projects plans to construct a large movie and television studio.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Bungalow Projects purchased 20 properties in nine transactions for a total of $110.9 million and sold one property in one transaction for a total of $3.4 million over the past 24 months.
The seller Abdallah Njeim purchased one property in one transaction for a total of $3.4 million and had not sold any properties over the same time period. The 3,948-square-foot property generated revenue of $75,881 or $19 per square foot, according to the most recent income and expense figures.

The property

The industrial building in East Williamsburg has 3,948 square feet of built space for a total buildable of 3,948 square feet according to a PincusCo analysis of city data. The parcel has frontage of 39 feet and is 100 feet deep with a total lot size of 3,948 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 $491,000.

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 1.4 times the average sales volume among other neighborhoods with $381.2 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, East Williamsburg has 1.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 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 15 of the 19 commercial properties representing 228,175 square feet of the 268,723 square feet. The two identified owners are Bungalow Projects and Abdallah Njeim.
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 seller

The PincusCo database currently indicates that Abdallah Njeim owned at least one commercial property in New York City with 17,500 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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 238,377 square feet and a city-determined market value of $20 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 51 percent of the 238,377 square feet of built space are hotel properties, with mixed-use properties next occupying 29 percent of the space. They are all located in Brooklyn.

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