Gamal Saeidi pays $8.5M for mixed-use in Williamsburg

Gamal G. Saeidi through the entity N183 LLC paid $8.5 million to Samir Jabir through the entity 183 Bedford N7 Corp for three-unit mixed-use building (S9) at 183 Bedford Avenue in Williamsburg, Brooklyn.
The deal closed on November 9, 2022 and was recorded on November 21, 2022.The property has 4,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,847 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 Samir Jabir was Samir Jabir. The signatory for Gamal G. Saeidi was Gamal G. Saeidi.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gamal G. Saeidi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Samir Jabir 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 Jamal Alokasheh, head officer. The business entity is Jabir & Farag Properties Inc. The 4,600-square-foot property generated revenue of $142,646 or $31 per square foot, according to the most recent income and expense figures.

The property

The 183 Bedford Avenue parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 square feet. 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 $1.7 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 $6,360 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 6th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Williamsburg is the 7th most active neighborhood among other neighborhoods. It had 5 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 were two 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 11 of the 27 commercial properties representing 72,405 square feet of the 144,439 square feet. The largest owner is Manjula Mukhopadhyay, followed by Jamal Alokasheh and then Moshe Silberstein.
there are no active new building construction projects on this tax block.

the majority, or 54 percent of the 132,978 square feet of built space are walkup buildings, with mixed-use buildings next occupying 37 percent of the space.

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