Namdar, Klosed pay $5.3M for walkup building in Williamsburg

Namdar Realty Group and Klosed Properties through the entity 191 Bedford Bh LLC paid $5.3 million to Felix A. Serrano and Rafael Serrano through the entity 191 Bedford Avenue Corporation for 16-unit residential walkup building at 191 Bedford Avenue in Williamsburg, Brooklyn.
The deal closed on December 23, 2021 and was recorded on January 18, 2022.
The property has 10,150 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $523 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 Felix A. Serrano and Rafael Serrano was Felix A. Serrano. The signatory for Namdar Realty Group was Steven Kashanian of Klosed Properties.
Prior to this transaction, the buyer Namdar Realty Group had purchased properties in 13 transactions totaling $191.5 million, over the past 24 months.

The 10,150-square-foot property generated revenue of $354,980 or $35 per square foot, according to the most recent income and expense figures.

In Williamsburg, the majority, or 35 percent of the 65.1 million square feet of 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 in the city. It had 5.1 million square feet of commercial construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were eight pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 47 percent of the 183,669 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 37 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Felix Serrano, head officer and Andre Terell, agent. The business entities were 191 Bedford Ave Corp and 191 Bedford Ave Corp.
Within a 400-foot radius of 191 Bedford Avenue, PincusCo identified 15 commercial real estate items of interests occurred over the past 24 months.
Of those 15 items, one was in new building development. It was a new building permit application filed on August 23, 2021 for a 16,750-square-foot M building at 184 Bedford Avenue.
Of those 15 items, three were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $675,000 and two initial temporary certificate of occupancy issuances for projects that initially costed $8.6 million. The most recent of these three items was the permit on July 28, 2021 for a 6,462-square-foot M building with 0 residential units at 136 North 6th Street.
Of those 15 items, two were sales above $5 million totaling $165.5 million. The most recent of the two was L3 Capital which bought the 4,350-square-foot, three-unit mixed-use building (S2) on 200 Bedford Avenue and one other property for $20.5 million from Robert Li on January 6, 2022.
Of those 15 items, nine were loans above $5 million totaling $254.4 million. The most recent of the nine was L3 Capital which borrowed $11.6 million from Hanmi Bank secured by the 4,350-square-foot, three-unit mixed-use building (S2) on 200 Bedford Avenue and one other property on January 6, 2022.

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