Chany Jacobowitz pays $3.5M for mixed-use in Williamsburg

Chany Jacobowitz through the entity JJ Tower LLC paid $3.5 million to Cathy Roman through the entity Cathy Roman Living Trust for three-unit mixed-use building (S3) at 331 Bedford Avenue in Williamsburg, Brooklyn.
The deal closed on September 15, 2022 and was recorded on October 3, 2022. The property has 3,320 square feet of built space and 2,707 square feet of additional air rights for a total buildable of 6,036 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,069 and the price per buildable square foot is $588 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 Cathy Roman was Cathy Roman. The signatory for Chany Jacobowitz was Chany Jacobowitz.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Chany Jacobowitz had purchased any other properties and sold one property in one transaction for a total of $9.6 million over the past 24 months.
The seller Cathy Roman had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Cathy Roman, individual owner and Manny Roman, site manager.

The property

The 331 Bedford Avenue parcel has frontage of 24 feet and is 103 feet deep with a total lot size of 2,484 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $600 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 $5 million on this tax lot.

The neighborhood

In Williamsburg, the bulk, or 39 percent of the 50 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 8th 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 9th 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. There were three 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 two of the 11 commercial properties representing 61,978 square feet of the 170,369 square feet. The two identified owners are Southside United H.D.F.C. and Joshua Wagschal.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 170,369 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

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