Preferred Builders pays $4.6M for likely dev site in Williamsburg

Preferred Builders through the entity 452-454 Graham Ave Property LLC paid $4.6 million to Timothy Schiulaz through the entity Red Top Key Properties LLC for the two-unit mixed-use building (S2) at 168 Richardson Street and the adjacent three-unit mixed-use building (S3) at 452 Graham Avenue in Williamsburg, Brooklyn. The property was marketed as a development site, so the expected use is ground up development.
The deal closed on December 22, 2025 and was recorded on December 31, 2025. The two properties have 4,928 square feet of built space and 4,966 square feet of additional air rights for a total buildable of 9,900 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $933 and the price per buildable square foot is $464 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 signatory for Timothy Schiulaz was Svetlana Kaplun. The signatory for Preferred Builders was Chaim Fuchs . The contract date was September 23, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Preferred Builders purchased three properties in two transactions for a total of $4.9 million and has no record it sold any properties over the past 24 months.
The seller Timothy Schiulaz had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 4,928 square feet of built space generated revenue of $40,179 per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,100 in OATH penalties 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 6th highest sale turnover among other neighborhoods in the city with $1.9 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 was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 452 Graham Avenue, PincusCo has identified the owners of three of the 15 commercial properties representing 11,400 square feet of the 85,539 square feet. The largest owner is Angelo Lomonte -Trustee, followed by John Marino and then Michael Gibson.
On the tax block, there was one new building construction project filed totaling 3,089 square feet. It is a five-unit, 3,089 square-foot residential (R-2) building submitted by Michele Ianniciello with plans filed January 12, 2023 and it has not been permitted yet.

The majority, or 52 percent of the 85,539 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Preferred Builders owned at least three commercial properties with 16 residential units in New York City with 35,243 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio has $4.7 million in debt, borrowed from Broadview Capital. Within the portfolio, the bulk, or 51 percent of the 35,243 square feet of built space are M9 properties, with walkup properties next occupying 49 percent of the space. They are all located in Brooklyn.

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