Salah Alsaidi pays $2.9M for two retail properties in Red Hook

Salah Alsaidi through the entity 129 Dwight LLC paid $2.9 million to Jose Fernandez through the entity Ostego Properties, Inc for the retail building (K1) at 131 Dwight Street and retail building (K1) at 129 Dwight Street in Red Hook, Brooklyn. The expected use is cash flowing.
The deal closed on January 3, 2025 and was recorded on February 10, 2025. The two properties have 4,383 square feet of built space and 2,157 square feet of additional air rights for a total buildable of 6,543 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $650 and the price per buildable square foot is $435 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 Jose Fernandez was Jose Fernandez. The signatory for Salah Alsaidi was Salah Alsaidi. The contract date was May 2, 2024.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 131 Dwight Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Salah Alsaidi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jose Fernandez had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 4,383 square feet of built space generated revenue of $141,344 per year or $32 per square foot. The sale price per square foot was $650.

The property

The retail building in Red Hook has 4,383 square feet of built space and 2,157 square feet of additional air rights for a total buildable of 6,543 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 95 feet deep with a total lot size of 2,273 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 $316,000.

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 $25 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 Red Hook, The bulk, or 40 percent of the 11.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Red Hook has near average sales volume among other neighborhoods with $267 million in sales volume in the last two years and is the 24th highest in Brooklyn. For development, Red Hook has near average amount of major developments among other neighborhoods and is the 14th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 9,883 square feet of built space are industrial buildings, with retail buildings next occupying 44 percent of the space.

The seller

The PincusCo database currently indicates that Jose Fernandez owned at least six commercial properties with 45 residential units in New York City with 33,563 square feet and a city-determined market value of $8.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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