Mixed-use in Williamsburg sells for $5.3M

Andre Krassimirov Andreev through the entity 663 Driggs Avenue LLC paid $5.3 million to Alexander M. Hamilton and Linnae Hamilton through the entity 663 Driggs LLC for the midblock mixed-use building at 663 Driggs Avenue in Williamsburg, Brooklyn.
The deal closed on March 11, 2022 and was recorded on March 21, 2022.The property has 3,700 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,445 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 May 8, 2009, for $1.5 million. The signatory for Alexander M. Hamilton and Linnae Hamilton was Alexander M. Hamilton and Linnae Hamilton. The signatory for Andre Krassimirov Andreev was Andre Krassimirov Andreev.

The property

The 663 Driggs Avenue parcel has frontage of 21 feet and is 82 feet deep with a total lot size of 1,742 square feet. The lot is irregular. The zoning is M1-2/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.3 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on June 24, 2015. 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 seven 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 three of the 15 commercial properties representing 14,300 square feet of the 91,892 square feet. The two identified owners are Daniel H. Miller and Dennis McCormack. There are two active new building construction projects totaling 27,181 square feet. The largest is a 10-unit, 15,354-square-foot R-2 building developed by Idan Shitrit with plans filed March 18, 2020 and permitted May 3, 2021. The second largest is a six-unit, 11,827-square-foot R-2 building developed by Kuras Michal with plans filed June 14, 2016 and it has not been permitted yet.

The majority, or 34 percent of the 65,182 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 21 percent of the space.

Surrounding

Within a 400-foot radius of 663 Driggs Avenue, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on August 19, 2021 for a 49,802-square-foot R-2 building with 59 residential units at 171 North 1st Street.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit issued on June 23, 2021 for the $495,800 renovation of 4,958-square-foot R-2 building with five residential units at 163 Roebling St.
One of those nine items was a sale which Gemini Rosemont bought the 13,860-square-foot industrial (F5) on 169 North 1st Street for $18.2 million from Stanislaw Rys on March 11, 2020.
Of those nine items, five were loans above $5 million totaling $123.2 million. The most recent of the five was Daniel H. Miller which borrowed $7.2 million from New York Community Bank secured by the 7,150-square-foot, 14-unit rental (C7) on 298 Metropolitan Avenue and one other property on March 8, 2022.

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