Holliswood Development pays $8.95M for three walkups in Brooklyn
313 South 4th Street (Credit - Google)
Dana Lowey’s Holliswood Development through the subsidiary Edifice Management paid $8.95 million to seller Gil Boosidan for three walkups in Williamsburg, Brooklyn, 313 South 4th Street, 431 Wythe Avenue and 433 Wythe Avenue, according to the brokers on the deal.
The sale closed November 14, 2023, and had not been recorded as of publication. The contract date was June 10, 2023.
The buildings sold for a combined cap rate of 5.7 percent, and 16.4 times the current monthly rent roll, according to the brokers.
Rosewood Realty Group’s Ben Khakshoor, Reoven Elharar and Alex Fuchs represented the seller, Gil Boosidan, as well as the buyer, Dana Lowey’s Edifice Management, the subsidiary of Holliswood Development.
According Khakshoor, the buildings are 80 percent free market, and were delivered with the majority of the units vacant.
The seller entity BH 431 – 433 Wythe Avenue LLC bought the properties in 2018 for $9.9 million.
The walkup building at 313 South 4th Street with 12 residential units in Williamsburg has 6,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 95 feet deep with a total lot size of 2,374 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 $1.4 million.
The walkup building 431 Wythe Avenue with 8 residential units in Williamsburg has 4,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 64 feet deep with a total lot size of 1,305 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.
The walkup building 433 Wythe Avenue with 8 residential units in Williamsburg has 4,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 64 feet deep with a total lot size of 1,305 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.
Direct link to the property’s ACRIS page.