Poise Property Group pays $7.5M to Michael Weiss for dev site in Williamsburg

Poise Property Group through the entity 36 Frost Street LLC paid $7.5 million to Michael Weiss through the entity Laubec 36, LLC for the development site at 36 Frost Street in Williamsburg, Brooklyn. The expected use is ground up development.
The deal closed on July 7, 2025 and was recorded on July 22, 2025. The property has 7,487 square feet of built space and 7,487 square feet of additional air rights for a total buildable of 14,974 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,001 and the price per buildable square foot is $500 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 September 8, 2010, for $2.7 million. The signatory for Michael Weiss was Michael Weiss. The signatory for Poise Property Group was Daniel Kaykov . The contract date was February 4, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Poise Property Group purchased two properties in two transactions for a total of $19.2 million and has no record it sold any properties over the past 24 months.
The seller Michael Weiss had not purchased any other properties and had not sold any properties over the same time period. The 7,487-square-foot property generated revenue of $142,178 or $19 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Williamsburg has 7,487 square feet of built space and 7,487 square feet of additional air rights for a total buildable of 14,974 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,487 square feet. The lot is irregular. 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 $739,000.

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 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 4th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg is the most active neighborhood among other neighborhoods. It had 41.7 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.

The block

On this tax block, PincusCo has identified the owners of 11 of the 22 commercial properties representing 159,497 square feet of the 203,924 square feet. The largest owner is Heatherwood Luxury Rentals, followed by Fred Gelfand and then Catherina Lau Lai.
On the tax block, there were two new building construction projects totaling 14,092 square feet. The largest is a seven-unit, 8,975 square-foot residential (R-2) building submitted by Jarrett Huddleston with plans filed June 28, 2013 and permitted April 12, 2016. The second largest is a two-unit, 5,117 square-foot residential (R-3) building submitted by Jarrett Huddleston with plans filed June 28, 2013 and permitted April 12, 2016.

The majority, or 59 percent of the 203,924 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Michael Weiss owned at least three commercial properties with 22 residential units in New York City with 19,788 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Poise Property Group owned at least three commercial properties with 32 residential units in New York City with 49,849 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio has $28.1 million in debt, borrowed from Preferred Bank and MidFirst Bank. Within the portfolio, the bulk, or 85 percent of the 49,849 square feet of built space are elevator properties, with I9 properties next occupying 15 percent of the space. They are all located in Brooklyn.

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