Industrial in Williamsburg sells for $4.2M

The entity 51 S 1 LLC paid $4.2 million to Aaron Kohn through the entity K&C IV, LLC for the industrial building (F4) at 51-53 South 1st Street in Williamsburg, Brooklyn.
The deal closed on March 31, 2023 and was recorded on April 13, 2023. The property has 4,080 square feet of built space and 6,442 square feet of additional air rights for a total buildable of 10,507 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,041 and the price per buildable square foot is $404 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 Aaron Kohn was Aaron Kohn. The signatory for the buyer was not legible.

Prior sales and revenue

The seller Aaron Kohn had not purchased any other properties and had not sold any properties over the same time period. The 4,080-square-foot property generated revenue of $110,234 or $27 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Williamsburg has 4,080 square feet of built space and 6,442 square feet of additional air rights for a total buildable of 10,507 square feet according to a PincusCo analysis of city data. The parcel has frontage of 43 feet and is 100 feet deep with a total lot size of 4,324 square feet. The zoning is M1-2/R6 which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $646,000.

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 neighborhood

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 6th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Williamsburg is the 5th most active neighborhood among other neighborhoods. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 23 commercial properties representing 8,400 square feet of the 86,113 square feet. The largest owner is Ward S. Dennis, followed by Tidal Real Estate Partners and then Andrew Luan.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 86,113 square feet of built space are mixed-use buildings, with industrial buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Aaron Kohn owned at least one commercial property with eight residential units in New York City with 9,253 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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