Paul E. Freiman pays $4.2M for 3-family walkup in Williamsburg
99 South 2nd Street (Credit - Google)
Paul E. Freiman through the entity 7 Harbor Drive Property LLC paid $4.2 million to James Garnett and Steven Chiros through the entity Miy Brownstone LLC for three-unit building (C0) at 99 South 2nd Street in Williamsburg, Brooklyn.
The deal closed on July 20, 2022 and was recorded on August 5, 2022. The property has 3,344 square feet of built space and 544 square feet of additional air rights for a total buildable of 3,888 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,241 and the price per buildable square foot is $1,067 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 March 28, 2016, for $3.5 million. The signatory for James Garnett and Steven Chiros was James Garnett and Steven Chiros. The signatory for Paul E. Freiman was Paul E. Freiman.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Paul E. Freiman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller James Garnett had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes James Garnett, head officer and Steve Chiros, officer. The business entity is Miy Brownstone Llc.
The property
The 99 South 2nd Street parcel has frontage of 25 feet and is 64 feet deep with a total lot size of 1,600 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.2 million.
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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 block
On this tax block, PincusCo has identified the owners of six of the 17 commercial properties representing 57,374 square feet of the 99,872 square feet. The largest owner is Harper Capital Partners, followed by Zalmen Biederman and then Katarzyna Kucia.
There is one active new building construction project totaling 8,487 square feet. It is a three-unit, 8,487-square-foot R-2 building developed by Guy Mor with plans filed June 2, 2022 and it has not been permitted yet.
The majority, or 78 percent of the 99,872 square feet of built space are walkup buildings, with industrial buildings next occupying 17 percent of the space.
Direct link to Acris document. link