Solomon Park pays $4.2M for mixed-use in Williamsburg

Solomon Park through the entity SP Graham Properties LLC paid $4.2 million to Suk Jae Park through the entity DSP 359 Graham Avenue LLC for the four-unit mixed-use building (S4) at 359 Graham Avenue in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on July 18, 2025 and was recorded on August 19, 2025. The property has 4,500 square feet of built space and 2,563 square feet of additional air rights for a total buildable of 7,056 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $944 and the price per buildable square foot is $602 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 Suk Jae Park was Suk Jae Park. The signatory for Solomon Park was Solomon Park. The contract date was June 23, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Solomon Park had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Suk Jae Park had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Suk J Park, head officer. The business entity is Dsp 359 Graham Avenue Llc. The 4,500-square-foot property generated revenue of $111,060 or $25 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 4 residential units in Williamsburg has 4,500 square feet of built space and 2,563 square feet of additional air rights for a total buildable of 7,056 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 94 feet deep with a total lot size of 2,352 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 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 received $2,530 in ECB penalties and $4,155 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 5th 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 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 19 commercial properties representing 35,304 square feet of the 70,244 square feet. The largest owner is Elazar Orlofsky, followed by Benito Santangelo and then Bin Eng.
On the tax block, there were two new building construction projects totaling 11,996 square feet. The largest is a 10-unit, 7,215 square-foot residential (R-2) building submitted by Artem Grushetskiy with plans filed April 3, 2018 and it has not been permitted yet. The second largest is a seven-unit, 4,781 square-foot residential (R-2) building submitted by David Cohen with plans filed August 11, 2016 and it has not been permitted yet.

The majority, or 64 percent of the 70,244 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

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