Peter Riguardi Jr. sells mixed-use in Williamsburg for $3.7M

The anonymous entity 32 Richardson, LLC paid $3.7 million to Peter Riguardi Jr. for the mixed-use building (K4) at 32 Richardson Street in Williamsburg, Brooklyn. The seller is the son of JLL Chairman Peter Riguardi.
The deal closed on April 28, 2026 and was recorded on May 4, 2026. The property has 3,885 square feet of built space and 1,125 square feet of additional air rights for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $952 and the price per buildable square foot is $740 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 November 22, 2013, for $2.9 million. The signatory for Peter Riguardi Jr. was Peter Riguardi Jr.. The signatory for the buyer was M. Nader Ahari . The contract date was March 20, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer M. Nader Ahari registered had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Riguardi 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 Peter Riguardi, individual owner and Julia Jo, lessee. The 3,885-square-foot property generated revenue of $118,764 or $31 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 1 residential units in Williamsburg has 3,885 square feet of built space and 1,125 square feet of additional air rights for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-2/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $554,000.

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 neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 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 is the most active neighborhood among other neighborhoods. It had 42 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space. There were 156 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 eight of the 15 commercial properties representing 128,605 square feet of the 167,652 square feet. The largest owner is Heatherwood Luxury Rentals, followed by Joel Schwartz and then Peak Capital Advisors.
On the tax block, there was one new building construction project filed totaling 5,252 square feet. It is a eight-unit, 5,252 square-foot residential (R-2) building submitted by Yisroel Greenfeld and filed by Yisroel Greenfeld with plans filed April 3, 2023 and permitted August 19, 2024.

The majority, or 66 percent of the 167,652 square feet of built space are elevator buildings, with mixed-use buildings next occupying 17 percent of the space.

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