Moaath Alsayedi pays $5M for mixed-use in Williamsburg

Moaath Y. Alsayedi through the entity 555 Driggs Ave LLC paid $5 million to Charles Leone, Pasquale Leone, and Vincent Leone Jr. through the entity 210 North 7th, LLC for the two-unit mixed-use building (S9) at 555 Driggs Avenue in Williamsburg, Brooklyn.
The deal closed on January 31, 2023 and was recorded on February 2, 2023. The property has 3,494 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,431 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 Charles Leone, Pasquale Leone, and Vincent Leone Jr. was Charles Leone, Pasquale Leone, and Vincent Leone Jr.. The signatory for Moaath Y. Alsayedi was Moaath Y. Alsayedi.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Moaath Y. Alsayedi purchased two properties in two transactions for a total of $5 million and has no record it sold any properties over the past 24 months.
The seller Charles Leone had not purchased any other properties and had not sold any properties over the same time period. The 3,494-square-foot property generated revenue of $108,349 or $31 per square foot, according to the most recent income and expense figures.

The property

The 555 Driggs Avenue parcel has frontage of 23 feet and is 70 feet deep with a total lot size of 1,610 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. 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 since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Williamsburg, the bulk, or 39 percent of the 49.7 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 6th 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 3.5 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There were three 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 19 commercial properties representing 45,021 square feet of the 96,929 square feet. The largest owner is Manjula Mukhopadhyay, followed by Lukasz Stapor and then Itzhak Maman.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 96,929 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Moaath Y. Alsayedi owned at least two commercial properties in New York City with 5,258 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are retail properties. They are all located in Bronx.

Direct link to Acris document. link