Isidore Heimann pays $3.9M for4-unit in Williamsburg

Isidore Heimann through the entity 109 South 3rd LLC paid $3.9 million to Tobias Strulovitch through the entity 109 South 3rd Street LLC for the four-unit building (C3) at 109 South 3rd Street in Williamsburg, Brooklyn.
The deal closed on May 16, 2023 and was recorded on May 30, 2023. The property has 3,000 square feet of built space and 4,534 square feet of additional air rights for a total buildable of 7,547 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,306 and the price per buildable square foot is $519 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 seller bought the property on December 21, 2021, for $1.9 million. The signatory for Tobias Strulovitch was Tobias Strulovitch. The signatory for Isidore Heimann was Isidore Heimann.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Isidore Heimann purchased one property in one transaction for a total of $1.5 million and has no record it sold any properties over the past 24 months.
The seller Tobias Strulovitch had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Tobias Strulovitch, head officer and Moses Karpen, site manager. The business entity is 109 South 3rd Street Llc.

The property

The 4-family building with 4 residential units in Williamsburg has 3,000 square feet of built space and 4,534 square feet of additional air rights for a total buildable of 7,547 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 123 feet deep with a total lot size of 3,106 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 most recent loan totaled $6.4 million and was provided by Maguire South LLC on December 21, 2021.

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 five housing 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 block

On this tax block, PincusCo has identified the owners of five of the 14 commercial properties representing 73,133 square feet of the 128,717 square feet. The largest owner is Southside United H.D.F.C., followed by Judah Zelmanovitz and then Fia Capital Partners.
On the tax block, there were two new building construction projects totaling 12,440 square feet. The largest is a eight-unit, 7,540 square-foot residential (R-2) building submitted by Yisroel Greenfeld with plans filed May 13, 2022 and permitted February 9, 2023. The second largest is a seven-unit, 4,900 square-foot residential (R-2) building submitted by Moses Karpen with plans filed May 18, 2022 and permitted June 15, 2022.

The majority, or 87 percent of the 128,717 square feet of built space are walkup buildings, with mixed-use buildings next occupying 7 percent of the space.

The buyer

The PincusCo database currently indicates that Isidore Heimann owned at least two commercial properties with seven residential units in New York City with 5,562 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio has $9.7 million in debt, borrowed from Northeast Community Bank. Within the portfolio, the bulk, or 100 percent of the 5,562 square feet of built space are walkup properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

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