Vasilios Georgopoulos pays $4.5M for mixed-use in Williamsburg

Vasilios Georgopoulos through the entity 435 Graham LLC paid $4.5 million to the family of Salvatore Mendolia and Joseph Corsini through the entity Original Me-Co Enterprises, Ltd. for the five-unit mixed-use building (S9) at 435 Graham Avenue in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on February 14, 2025 and was recorded on February 27, 2025. The property has 6,970 square feet of built space and 3,803 square feet of additional air rights for a total buildable of 10,764 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $645 and the price per buildable square foot is $418 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 Salvatore Mendolia and Joseph Corsini was Joseph Corsini. The signatory for Vasilios Georgopoulos was Vasilios Georgopoulos. The contract date was August 3, 2024. Salvatore D. Mendolia died in 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Vasilios Georgopoulos had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Salvatore Mendolia 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 Salvatore Mendolia, head officer and Joseph Corsini, officer. The business entity is Original Me-Co Enterprises Ltd. The 6,970-square-foot property generated revenue of $172,020 or $25 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 5 residential units in Williamsburg has 6,970 square feet of built space and 3,803 square feet of additional air rights for a total buildable of 10,764 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 71 feet deep with a total lot size of 3,588 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 $1.8 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 one DOB violation 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 4th highest sale turnover among other neighborhoods in the city with $2 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. 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 31,357 square feet of the 69,634 square feet. The largest owner is Mancini Family Limited Partnership, followed by Moses Pollak and then Anthony & Domenica Arato.
On the tax block, there were two new building construction projects totaling 28,857 square feet. The largest is a 14-unit, 16,147 square-foot residential (R-2) building submitted by Vanessa Yee-Chan with plans filed October 15, 2019 and it has not been permitted yet. The second largest is a nine-unit, 12,710 square-foot residential (R-2) building submitted by Poise Property Group and filed by Daniel Kaykov with plans filed February 14, 2024 and it has not been permitted yet.

The majority, or 61 percent of the 69,634 square feet of built space are walkup buildings, with mixed-use buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Salvatore Mendolia owned at least 13 commercial properties with 180 residential units in New York City with 145,286 square feet and a city-determined market value of $30.1 million. (Market value is typically about 50% of actual value.) The portfolio has $17.4 million in debt, borrowed from Popular Bank and Investors Bank. Within the portfolio, the bulk, or 56 percent of the 145,286 square feet of built space are elevator properties, with walkup properties next occupying 44 percent of the space. They are all located in Brooklyn.

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