Theodore Serure pays $3.8M for mixed-use in Williamsburg

Theodore E. Serure through the entity 305 Broadway Realty LLC paid $3.8 million to Kenneth Moslin through the entity 305 Realty Co. LLC for the mixed-use building (K4) at 305 Broadway in Williamsburg, Brooklyn. Theodore Serure, who also used the name Ted Serure, owns Telco Stores, which currently occupies the building.
The deal closed on December 12, 2023 and was recorded on December 18, 2023. The property has 17,750 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $214 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 Kenneth Moslin was Kenneth Moslin. The signatory for Theodore Serure was Theodore E. Serure. The contract date was August 14, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Theodore E. Serure had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kenneth Moslin had not purchased any other properties and sold four properties in two transactions for a total of $9.2 million over the same time period.

The property

The mixed-use building in Williamsburg has 17,750 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 110 feet deep with a total lot size of 6,750 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $1.8 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 $1,280 in ECB penalties and $2,672 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 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 9th 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. There were four 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 two of the five commercial properties representing 18,304 square feet of the 49,304 square feet. The two identified owners are Mendel Fleischman and Balanced Living Development.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 49,304 square feet of built space are mixed-use buildings, with elevator buildings next occupying 23 percent of the space.

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