Hilmi Aydin of KSK Construction Group submitted plans to convert a two-story commercial building with no residential units into a six-story building with 23 residential units at 179 North 10th Street in Williamsburg, Brooklyn.
The major alteration application calls for the conversion of an existing 12,722 square-foot commercial (COM) building. The plan was filed with the New York City Department of Buildings on August 4, 2023 under job number B00893028. It calls for the increase in size of the building from a two-story building with no dwelling units to a six-story building with 23 dwelling units.
The office building in Williamsburg has 20,000 square feet of built space and 9,999 square feet of additional air rights for a total buildable of 29,997 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is M1-2/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 $1.3 million.
Prior sales and revenue
This property was sold by Beatrice Korn for $13.5 million to Hilmi Ulgur Aydin of KSK on May 18, 2023.
The 20,000-square-foot property generated revenue of $263,646 or $13 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has not received any significant violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
In Williamsburg, The bulk, or 39 percent of the 50.4 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 5th highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Williamsburg is the 9th most active neighborhood among other neighborhoods. It had 4.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 135,638 square feet of the 168,338 square feet. The largest owner is Bernard Jacobowitz, followed by Edward Berestecki and then Great Point Properties. There are no active new building construction projects on this tax block.
The PincusCo database currently indicates that Hilmi Ulgur Aydin owned at least two commercial properties in New York City with 31,325 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio has $5.5 million in debt, borrowed from Signature Bank. Within the portfolio, all identified are office properties. They are all located in Brooklyn.
Within a 400-foot radius of 179 North 10 Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. One of those four items was a sale which Alexander Meroni bought the 6,735-square-foot, seven-unit mixed-use building (S5) on 116 Bedford Avenue for $6 million from Brooklyn Standard Properties on January 18, 2022. Of those four items, three were loans above $5 million totaling $77.7 million. The most recent of the three was Bernard Jacobowitz in which borrowed $6 million from JPMorgan Chase secured by the 19,755-square-foot, 13-unit mixed-use building (K4) on 460 Driggs Avenue on November 7, 2022.