Joel Fried pays $3.7M for mixed-use in Williamsburg

Joel Fried through the entity 483 Driggs LLC paid $3.7 million to John Ziegler through the entity JWZ Holdings, LLC for the mixed-use building (S1) at 483 Driggs Avenue in Williamsburg, Brooklyn.
The deal closed on December 28, 2023 and was recorded on January 18, 2024. The property has 3,949 square feet of built space and 3,548 square feet of additional air rights for a total buildable of 7,497 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $936 and the price per buildable square foot is $493 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 20, 2012, for $2.9 million. The signatory for John Ziegler was John Ziegler. The signatory for Joel Fried was Joel Fried. The contract date was November 17, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joel Fried had purchased any other properties and sold two properties in two transactions for a total of $12.7 million over the past 24 months.
The seller John Ziegler had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Williamsburg has 3,949 square feet of built space and 3,548 square feet of additional air rights for a total buildable of 7,497 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 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 received five DOB violations and $885 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a five-unit, 6,720 square-foot R-2 building. The project was submitted by John Ziegler with plans filed March 5, 2014 and it has not been permitted yet.

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 5th 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 8th most active neighborhood among other neighborhoods. It had 4.5 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. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 12 commercial properties representing 266,422 square feet of the 299,121 square feet. The two identified owners are Robert Frenkel and 60 Guilders.
On the tax block, there was one new building construction project filed totaling 6,720 square feet. It is a five-unit, 6,720 square-foot residential (R-2) building submitted by John Ziegler with plans filed March 5, 2014 and it has not been permitted yet.

The majority, or 89 percent of the 299,121 square feet of built space are elevator buildings, with mixed-use buildings next occupying 8 percent of the space.

The buyer

The PincusCo database currently indicates that Joel Fried owned at least six commercial properties with 52 residential units in New York City with 45,979 square feet and a city-determined market value of $8.8 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from SBT Advantage Bank. Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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