Mariano Diaz pays $6M for 11-unit walkup in Williamsburg

Mariano Diaz through the entity Amelia And Celine Realty LLC paid $6 million to Harvey Rosenblum through the entity 326/328 Graham Avenue Corp. for the 11-unit residential walkup building (C7) at 326 Graham Avenue in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on September 17, 2024 and was recorded on September 18, 2024. The property has 12,000 square feet of built space and 2,999 square feet of additional air rights for a total buildable of 14,997 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $500 and the price per buildable square foot is $400 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 Harvey Rosenblum was Harvey Rosenblum. The signatory for Mariano Diaz was Mariano Diaz. The contract date was June 28, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mariano Diaz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Harvey Rosenblum 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 Harvey Rosenblum, head officer and Harvey Rosenblum Md, head officer. The business entity is 326-328 Graham Ave Corp.

The property

The residential walkup building with 11 residential units in Williamsburg has 12,000 square feet of built space and 2,999 square feet of additional air rights for a total buildable of 14,997 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.7 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 $2,890 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 block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 21,750 square feet of the 52,409 square feet. The two identified owners are James Juliano and Harvey Rosenblum.
On the tax block, there were five new building construction projects totaling 29,192 square feet. The largest is a 10-unit, 8,623 square-foot residential (R-2) building submitted by James Juliano with plans filed August 27, 2021 and permitted May 1, 2024. The second largest is a 10-unit, 8,623 square-foot residential (R-2) building submitted by James Juliano with plans filed February 10, 2020 and permitted April 18, 2024.

The majority, or 52 percent of the 52,409 square feet of built space are walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Harvey Rosenblum owned at least one commercial property with 11 residential units in New York City with 12,000 square feet and a city-determined market value of $2.7 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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