Ulgur Aydin entity pays $13.5M for office in Williamsburg

Ulgur Aydin through the entity Oily River Development LLC paid $13.5 million to Beatrice Korn through the entity Fri Realty Corp. for the office building (O2) at 177 North 10th Street in Williamsburg, Brooklyn.
The deal closed on May 18, 2023 and was recorded on May 25, 2023. The property has 20,000 square feet of built space and 9,999 square feet of additional air rights for a total buildable of 29,997 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $675 and the price per buildable square foot is $450 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 Beatrice Korn was Beatrice Korn. The signatory for Hilmi Ulgur Aydin was Ulger Aydin. The buyer has an email with the construction company KSK LLC. Beatrice Korn’s seller entity has owned the property since 1978, when Norman Korn bought it.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hilmi Ulgur Aydin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Beatrice Korn had not purchased any other properties and had not sold any properties over the same time period. The 20,000-square-foot property generated revenue of $306,024 or $15 per square foot, according to the most recent income and expense figures.

The property

The office building in Williamsburg has 20,000 square feet of built space and 9,999 square feet of additional air rights for a total buildable of 29,997 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 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 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 6th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Williamsburg is the 8th most active neighborhood among other neighborhoods. It had 4.2 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 was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 115,638 square feet of the 168,338 square feet. The largest owner is Zdzislawa Pekal, followed by Nicolas Aaron Dayan and then Martyna Kaczmarska.
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 168,338 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Hilmi Ulgur Aydin owned at least one commercial property in New York City with 11,325 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5.5 million in debt, borrowed from Signature Bank. The portfolio consists of at least a single office property. It is located in Brooklyn.

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