DAX Real Estate sells 4-unit Williamsburg building for $4.3M

The entity Al Frank 135 South First LLC paid $4.3 million to DAX Real Estate through the entity 135 South 1st Owner LLC for the four-unit 1-4 family building (C3) at 135 South 1st Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on March 12, 2025 and was recorded on March 26, 2025. The property has 3,120 square feet of built space and 1,749 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,394 and the price per buildable square foot is $895 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 December 9, 2021, for $2.2 million. The signatory for DAX Real Estate was Daniel Hedaya . The signatory for the buyer was Suzanne Castagna. The contract date was January 3, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Suzanne Castagna had purchased any other properties and sold three properties in two transactions for a total of $7.2 million over the past 24 months.
The seller DAX Real Estate purchased four properties in one transaction for a total of $7.8 million and sold one property in one transaction for a total of $6.1 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Maxwell Seibald, head officer. The business entity is 135 South 1st Owner Llc. The 3,120-square-foot property generated revenue of $105,955 or $34 per square foot, according to the most recent income and expense figures.

The property

The 1-4 family building with 4 residential units in Williamsburg has 3,120 square feet of built space and 1,749 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 90 feet deep with a total lot size of 2,430 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. 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 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 block

On this tax block, PincusCo has identified the owners of five of the 12 commercial properties representing 39,823 square feet of the 102,580 square feet. The largest owner is Halcyon Management Group, followed by Michael Gut and then Southside United H.D.F.C..
On the tax block, there was one new building construction project filed totaling 2,005 square feet. It is a one-unit, 2,005 square-foot residential (R-3) building submitted by Shai Shai with plans filed August 25, 2022 and it has not been permitted yet.

The majority, or 37 percent of the 102,580 square feet of built space are elevator buildings, with walkup buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Dax Real Estate owned at least 16 commercial properties with 56 residential units in New York City with 95,922 square feet and a city-determined market value of $25.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 95,922 square feet of built space are mixed-use properties, with industrial properties next occupying 15 percent of the space. They are all located in Brooklyn.

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