Juan Perez Samayoa pays $5.6M for mixed-use in Bushwick

Juan A. Perez Samayoa through the entity Broadwayper LLC paid $5.6 million to Anthony Adpietro through the entity Mr. Bigs Adi Realty Corp. for the mixed-use building (K4) at 1327 Broadway in Bushwick, Brooklyn.
The deal closed on June 13, 2023 and was recorded on June 22, 2023. The property has 14,000 square feet of built space and 3,010 square feet of additional air rights for a total buildable of 17,010 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $400 and the price per buildable square foot is $329 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 Anthony Adpietro was Anthony Adpietro. The signatory for Juan A. Perez Samayoa was Juan A. Perez Samayoa.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Juan A. Perez Samayoa had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Anthony Adpietro had not purchased any other properties and had not sold any properties over the same time period. The 14,000-square-foot property generated revenue of $267,846 or $19 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Bushwick has 14,000 square feet of built space and 3,010 square feet of additional air rights for a total buildable of 17,010 square feet according to a PincusCo analysis of city data. The parcel has frontage of 71 feet and is 120 feet deep with a total lot size of 7,000 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.3 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 $6,250 in ECB penalties and $6,250 in OATH penalties 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 Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 3.4 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.4 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one 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 six of the 10 commercial properties representing 52,587 square feet of the 88,157 square feet. The largest owner is Watermark Capital Group, followed by Rory D. Smith and then Raj Dahiya.
On the tax block, there were three new building construction projects totaling 123,184 square feet. The largest is a 106-unit, 102,165 square-foot residential (R-2) building submitted by Ekstein Development Group and filed by Erik Ekstein with plans filed April 30, 2018 and permitted July 1, 2021. The second largest is a 20-unit, 16,406 square-foot residential (R-2) building submitted by Anya Levitov with plans filed August 2, 2016 and permitted April 30, 2018.

The majority, or 42 percent of the 88,157 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

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