Jacob Fulop signs contract to buy 6-unit rental in East Williamsburg

Jacob Fulop through the entity Grand Lofts NY LLC signed a contract to pay Candido P. Fernandez’s Pambar Realty LLC for 754 Grand Street in East Williamsburg. The memorandum of contract closed on June 3, 2020, and was recorded on June 18, 2020. The transaction consists of 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 6 residential units. The property is 5,840 square feet. The parcel(s) have total development potential of 9,733 square feet.

The contract was signed February 17, 2020, and modified June 2, 2020. The anticipated conveyance of title is May, 2023. As part of the deal, Fulop as tenant signed a lease with Fernandez as landlord to rent the parcel for three years. The last time the property sold was December 9, 2014, for $4,350,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,766,500. Those filings sought to increase the number of residential units by 3 to 9
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