Lineaire Group pays $18.5M for residential elevator in Williamsburg

Lineaire Group through the entity 148 N 10 Owner, LLC paid $18.5 million to Philip Herschenfeld and Sandor Genet through the entity 148 North 10th Street, LLC for the midblock 23-unit residential elevator building at 144 North 10th Street in Williamsburg, Brooklyn.
The deal closed on May 11, 2022 and was recorded on June 3, 2022. The property has 36,760 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $503 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 August 25, 2004, for $1.8 million. The signatory for Philip Herschenfeld and Sandor Genet was Philip Herschenfeld and Sandor Genet. The signatory for Lineaire Group was Diego Bonet. Diego Bonet is a partner with Lineaire Group.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Lineaire Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Philip Herschenfeld had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Rob Herschenfeld, head officer. The business entity is 148 North 10th St Llc. The 36,760-square-foot property generated revenue of $1 million or $28 per square foot, according to the most recent income and expense figures.

The property

The 144 North 10th Street parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2011 and expires in 2026. The city-designated market value for the property in 2022 is $6.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 13 of the 22 commercial properties representing 77,634 square feet of the 149,369 square feet. The largest owner is Manjula Mukhopadhyay, followed by Aurora Capital Associates and then Rama P. Mukhopadhyay. There are no active new building construction projects on this tax block.

The majority, or 36 percent of the 165,895 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 33 percent of the space.

Surrounding

Within a 400-foot radius of 144 North 10th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $796,978. The most recent of these two items was the filing on July 6, 2021 for a 5,800-square-foot COM building with zero residential units at 132 Bedford Avenue.
Of those six items, two were sales above $5 million totaling $151 million. The most recent of the two was Alexander Meroni which bought the 6,735-square-foot, seven-unit mixed-use building (S5) on 116 Bedford Avenue for $6 million from Brooklyn Standard Properties on January 18, 2022.
Of those six items, two were loans above $5 million totaling $128.1 million. The most recent of the two was David Manheimer which borrowed $5.5 million from Derby Copeland Capital secured by the 6,735-square-foot, seven-unit mixed-use building (S5) on 116 Bedford Avenue on January 25, 2021.

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