Meena and Thangamani Seenivasan pay $2.5M for mixed-use in Williamsburg

Meena Seenivasan and Thangamani Seenivasan through the entity Onyx Court LLC paid $2.5 million to Emilio Barreto for the two-unit mixed-use building (S2) at 471 Grand Street in Williamsburg, Brooklyn.
The deal closed on April 30, 2024 and was recorded on May 8, 2024. The property has 2,250 square feet of built space and 3,097 square feet of additional air rights for a total buildable of 5,340 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,126 and the price per buildable square foot is $474 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 Emilio Barreto was Emilio Barreto. The signatory for Meena Seenivasan and Thangamani Seenivasan was Meena Seenivasan. The contract date was March 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Meena Seenivasan had purchased any other properties and has no record they sold any properties over the past 24 months.
The seller Emilio Barreto had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Williamsburg has 2,250 square feet of built space and 3,097 square feet of additional air rights for a total buildable of 5,340 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 95 feet deep with a total lot size of 1,780 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 $1.9 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 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 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Williamsburg has 4.2 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 4.6 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 two 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 12 of the 28 commercial properties representing 135,355 square feet of the 178,086 square feet. The largest owner is Shaindy Schwartz, followed by Redzep Djokic and then Rabsky Group.
On the tax block, there was one new building construction project filed totaling 6,352 square feet. It is a five-unit, 6,352 square-foot residential (R-2) building submitted by David Ruff with plans filed October 7, 2014 and it has not been permitted yet.

The majority, or 50 percent of the 178,086 square feet of built space are elevator buildings, with mixed-use buildings next occupying 32 percent of the space.

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