Pogostin family pays $2.2M for mixed-use in East Williamsburg

Richard Pogostin and Marc Pogostin through the entity Pulaski St Venture LLC paid $2.2 million to Phillip Miller through the entity 413 Bushwick LLC for the six-unit mixed-use building (S5) at 413 Bushwick Avenue in East Williamsburg, Brooklyn.
The deal closed on December 19, 2023 and was recorded on December 26, 2023. The property has 4,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $488 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 26, 2007, for $614,800. The signatory for Phillip Miller was Phillip Miller. The signatory for Richard Pogostin and Marc Pogostin was Richard Pogostin. The contract date was November 22, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Richard Pogostin had purchased any other properties and sold four properties in three transactions for a total of $11.9 million over the past 24 months.
The seller Phillip Miller purchased two properties in two transactions for a total of $3.2 million and sold one property in one transaction for a total of $3.4 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Phillip Miller, head officer. The business entity is 413 Bushwick Llc.

The property

The mixed-use building with 6 residential units in East Williamsburg has 4,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 113 feet deep with a total lot size of 2,824 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.7 million.

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 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 $1 million on this tax lot.

The neighborhood

In East Williamsburg, The majority, or 62 percent of the 17 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has near average sales volume among other neighborhoods with $327 million in sales volume in the last two years and is the 25th highest in Brooklyn. For development, East Williamsburg has had very little major development activity relative to other neighborhoods.It had 575,514 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 232,448 square feet of the 301,248 square feet. The largest owner is Williamsburg Charter High School, followed by Paul “Saul” Grossman and then Meyer Teichman.
On the tax block, there was one new building construction project filed totaling 31,667 square feet. It is a 31,667 square-foot business (B) building submitted by Loketch Group and filed by Pinny Loketch with plans filed April 20, 2016 and it has not been permitted yet.

The majority, or 39 percent of the 301,248 square feet of built space are specialty buildings, with industrial buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Phillip Miller owned at least 17 commercial properties with 101 residential units in New York City with 82,016 square feet and a city-determined market value of $18.8 million. (Market value is typically about 50% of actual value.) The portfolio has $5.3 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 91 percent of the 82,016 square feet of built space are walkup properties, with elevator properties next occupying 9 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Marc Pogostin owned at least five commercial properties in New York City with 69,105 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Bronx.
The PincusCo database currently indicates that Richard Pogostin owned at least one commercial property in New York City with 14,580 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Bronx.

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