EDRE Development pays $8.2M for 8-unit walkup in Williamsburg

EDRE Development through the entity 35 South 3rd Owner, LLC paid $8.2 million to John McNulty through the entity Southside Restoration Corp. for the eight-unit residential walkup building (C7) at 37 South 3rd Street in Williamsburg, Brooklyn.
The deal closed on April 27, 2026 and was recorded on May 6, 2026. The property has 12,172 square feet of built space and 7,373 square feet of additional air rights for a total buildable of 19,575 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $677 and the price per buildable square foot is $421 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 John McNulty was John McNulty. The signatory for EDRE Development was Harel Edery . The contract date was August 13, 2025.

To finance the purchase, EDRE Development borrowed $6.2 million from S3 Capital.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer EDRE Development purchased one property in one transaction for a total of $2.4 million and sold one property in one transaction for a total of $2.8 million over the past 24 months.
The seller John McNulty had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is John Mcnulty, head officer. The business entity is Southside Restoration Corp.

The property

The residential walkup building with 8 residential units in Williamsburg has 12,172 square feet of built space and 7,373 square feet of additional air rights for a total buildable of 19,575 square feet according to a PincusCo analysis of city data. The parcel has frontage of 47 feet and is 125 feet deep with a total lot size of 6,525 square feet. The lot is irregular. The zoning is M1-4/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.6 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 received one DOB violation and $300 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 block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 12,491 square feet of the 61,556 square feet. The largest owner is Mayer Hirsch, followed by Edre Development and then Shulem Herman.
On the tax block, there were two new building construction projects totaling 95,910 square feet. The largest is a 28-unit, 77,922 square-foot residential (R-2) building submitted by Michael Walsdorf with plans filed November 10, 2016 and permitted June 27, 2017. The second largest is a 12-unit, 17,988 square-foot residential (R-2) building submitted by EDRE Development and filed by Harel Edery with plans filed November 29, 2023 and permitted February 3, 2025.

The majority, or 45 percent of the 61,556 square feet of built space are industrial buildings, with walkup buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that Edre Development owned at least seven commercial properties with four residential units in New York City with 12,335 square feet and a PincusCo-determined asset value of $14.8 million. Within the portfolio, the bulk, or 35 percent of the 12,335 square feet of built space are E1 properties, with B1 properties next occupying 23 percent of the space.

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