Shimon Kleinman plans 29-unit mixed-use conversion in Williamsburg

Shimon Kleinman submitted a major alteration application to develop a 29-unit, mixed-use building from an existing commercial building (COM) building at 107 South 6th Street in Williamsburg, Brooklyn.
The plan was filed with the New York City Department of Buildings on December 14, 2023 under job number B00977146. It calls for a rehab of the four-story building. The project is described in the filing as: existing four-story and cellar, commercial building, to be converted into a 29-unit, mixed-use building.

The gym Soma1 Williamsburg used to occupy the ground floor space, but the gym is permanently closed. The signatory for the most recent loan on the property, from 2008, was Joseph Lentini as managing member of the company Williamsburg Workshop, LLC.

The property

The mixed-use building in Williamsburg has 20,150 square feet of built space according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 84 feet and is 67 feet deep with a total lot size of 5,525 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $2.3 million.

Prior sales and revenue

The 20,150-square-foot property generated revenue of $397,753 or $20 per square foot, according to the most recent income and expense figures.

Development

There was a prior new building hotel planned for the site, but the city never issued a permit. In that instance, Joel Wertzberger of Joyland Group LLC submitted a new building construction project for a 242-unit, 137,302 square-foot hotel/dormitory/shelter (R-1) building at 107 South 6th St. The plan was filed on April 30, 2020. It called for the construction of a 255-foot tall, 26-story building and was filed with the New York City Department of Buildings under job number 321590373. The project was described in the filing as: proposed new hotel and commercial office building.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

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 3rd highest sale turnover among other neighborhoods in the city with $2.7 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 11 commercial properties representing 11,000 square feet of the 44,465 square feet. The two identified owners are Chany Jacobowitz and Paul Henry. On the tax block, there was one new building construction project filed totaling 137,302 square feet. It is a 242-unit, 137,302 square-foot hotel/dormitory/shelter (R-1) building submitted by Joel Wertzberger with plans filed April 30, 2020 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 101 South 6 Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. One of those two items was a sale which Heitman Capital Management bought the 63,033-square-foot, 41-unit office building (O5) on 109 South 5th Street for $46 million from Meadow Partners on July 1, 2022. One of those two items was a loan which Paul Henry borrowed $6.5 million from Emerald Creek Capital secured by the 3,300-square-foot, four-unit mixed-use building (K4) on 91 South 6th Street and five other properties on June 1, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.