N3 Partners pays $3M for 4-family in Williamsburg

N3 Partners through the entity 168 North 6th Street Associates LLC paid $3 million to Darian Salazar through the entity Haloa LLC for the four-unit building (C3) at 168 North 6th Street in Williamsburg, Brooklyn.
The deal closed on September 11, 2023 and was recorded on September 25, 2023. The property has 2,100 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,428 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 3, 2022, for $3.2 million. The signatory for Darian Salazar was Darian Salazar. The contract date was July 19, 2023. Idan Ariev is a managing partner at N3 Partners and is the DOS process contact for the LLC. 

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer N3 Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Darian Salazar had not purchased any other properties and sold one property in one transaction for a total of $15.1 million over the same time period. The 2,100-square-foot property generated revenue of $61,614 or $29 per square foot, according to the most recent income and expense figures.

The property

The 1-4 family building with 4 residential units in Williamsburg has 2,100 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 50 feet deep with a total lot size of 1,000 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 $810,000.

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 $50 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 four of the 13 commercial properties representing 61,660 square feet of the 106,889 square feet. The largest owner is Mark Zawisny, followed by Manjula Mukhopadhyay and then Flatiron Real Estate Advisors.
On the tax block, there were two new building construction projects totaling 10,633 square feet. The largest is a six-unit, 6,637 square-foot residential (R-2) building submitted by Ivan Tykhovych with plans filed August 7, 2013 and permitted November 10, 2016. The second largest is a three-unit, 3,996 square-foot residential (R-2) building submitted by Wing Kuen Tsoi with plans filed December 20, 2018 and it has not been permitted yet.

The majority, or 45 percent of the 106,889 square feet of built space are elevator buildings, with mixed-use buildings next occupying 31 percent of the space.

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