Shaye Stuhl pays $2.9M for 15-unit walkup in Williamsburg

Shaye Stuhl through the entity 217 South 3 LLC paid $2.9 million to Paula Hernandez through the entity Paula Hernandez, As Trustee for the 15-unit residential walkup building (C7) at 217 South 3rd Street in Williamsburg, Brooklyn.
The deal closed on March 1, 2024 and was recorded on March 27, 2024. The property has 14,375 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $198 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 Paula Hernandez was Paula Hernandez. The signatory for Shaye Stuhl was Shaye Stuhl. The contract date was December 5, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shaye Stuhl had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Paula Hernandez 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 Paula Hernandez, head officer and Raymond Hernandez, officer. The business entities are 217 S 3rd Llc and 217 S 3rd Street. The 14,375-square-foot property generated revenue of $397,299 or $28 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 15 residential units in Williamsburg has 14,375 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 120 feet deep with a total lot size of 3,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 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 block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 149,456 square feet of the 199,027 square feet. The largest owner is Related Companies, followed by Metropolitan Realty Group and then Meir Daus.
On the tax block, there were three new building construction projects totaling 22,466 square feet. The largest is a eight-unit, 9,058 square-foot residential (R-2) building submitted by Jordan Preston with plans filed July 17, 2017 and it has not been permitted yet. The second largest is a eight-unit, 9,008 square-foot residential (R-2) building submitted by Jordan Preston with plans filed May 5, 2017 and it has not been permitted yet.

The majority, or 78 percent of the 199,027 square feet of built space are walkup buildings, with elevator buildings next occupying 11 percent of the space.

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