Nuchem Obstfeld pays $13.3M to Fredrick Marolda for 23-unit elevator building in Williamsburg

Nuchem Obstfeld through the entity 750 Grand St LLC paid $13.3 million to Fredrick Marolda through the entity 750 Grand Associates, L.P. for 23-unit residential elevator building at 750 Grand Street in Williamsburg, Brooklyn.
The deal closed on January 18, 2022 and was recorded on January 31, 2022.
The property has 40,044 square feet of built space and 713 square feet of additional air rights for a total buildable of 40,760 square feet according to PincusCo analysis of city data. The sale price per built square foot is $331 and the price per buildable square foot is $325 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 April 30, 2013, for $1.8 million.
The signatory for Fredrick Marolda was Robert Muffly. The signatory for Nuchem Obstfeld was Nuchem Obstfeld.
Prior to this transaction, the buyer Nuchem Obstfeld purchased two properties in two transactions for a total of $10.5 million and had not sold any properties over the past 24 months.
The seller Fredrick Marolda had not purchased any other properties and had not sold any properties over the same time period.
The 40,044-square-foot property generated revenue of $1.2 million or $29 per square foot, according to the most recent income and expense figures.

(320215183)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 25 residential units on November 7, 2014.
Muffly is an attorney with the law firm Becker Glynn.
In Williamsburg, the bulk, 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 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 three pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 40 percent of the 163,933 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 31 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Fredrick Marolda, joint owner and Edgar Bohlen, joint owner. The business entity was Block Management Inc.
Within a 400-foot radius of 750 Grand Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on February 10, 2021 for the $870,790 renovation of 7,930-square-foot R-2 building with nine residential units at 754 Grand Street.
One of those three items was a sale which Guy Peleg bought the three-unit mixed-use building (S2) on 717 Grand Street for $5.3 million from Judy Levine on October 2, 2020.
One of those three items was a loan which Eran Nomberg borrowed $6.2 million from Bank of Princeton secured by the 10,503-square-foot, 11-unit rental (D7) on 738 Grand Street on January 8, 2021.

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