Jawad Lakhani pays $2.8M for 6-unit walkup in Williamsburg

Jawad Lakhani through the entity 357 Leonard St, LLC paid $2.8 million to Michael Durso through the entity D’Urso Family Irrevocable Trust for the six-unit residential walkup building (C2) at 357 Leonard Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on July 31, 2024 and was recorded on August 9, 2024. The property has 4,875 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $577 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 Michael Durso was Michael Durso and Lucia Fusco. The signatory for Jawad Lakhani was Jawad Lakhani. The contract date was May 28, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jawad Lakhani had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Durso 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 Michael Durso, head officer and Lucia Fusco, officer. The business entity is The D’Urso Family Irrevocable Trust.

The property

The residential walkup building with 6 residential units in Williamsburg has 4,875 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,874 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 million.

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 block

On this tax block, PincusCo has identified the owners of five of the seven commercial properties representing 18,667 square feet of the 39,042 square feet. The largest owner is Cw Realty Group, followed by Michael Durso and then Synapse Development Group.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 39,042 square feet of built space are industrial buildings, with walkup buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Michael Durso owned at least one commercial property with six residential units in New York City with 4,875 square feet and a city-determined market value of $1.8 million. (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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