Williamsburg mixed-use with 6 units sells for $2.2M

The entity Triple 6 On Grand LLC paid $2.2 million to Bendicta Cordero Aloyo for the six-unit mixed-use building (S5) at 666 Grand Street in Williamsburg, Brooklyn.
The deal closed on April 16, 2024 and was recorded on April 24, 2024. The property has 5,500 square feet of built space and 2,005 square feet of additional air rights for a total buildable of 7,496 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $400 and the price per buildable square foot is $293 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 Bendicta Cordero Aloyo was Bendicta Cordero Aloyo. The signatory for the buyer was Jason Walker. The contract date was January 11, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jason Walker had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bendicta Cordero Aloyo 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 Benedicta Cordero Aloyo, individual owner and Andrea Acevedo, agent.

The property

The mixed-use building with 6 residential units in Williamsburg has 5,500 square feet of built space and 2,005 square feet of additional air rights for a total buildable of 7,496 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,874 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.6 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 $75 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 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Williamsburg has 4.1 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There were two 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 four of the 17 commercial properties representing 72,548 square feet of the 126,790 square feet. The largest owner is Zbigniew Sulek, followed by Sol Ekstein and then Lazar Mauskopf.
On the tax block, there were three new building construction projects totaling 25,505 square feet. The largest is a 20-unit, 13,691 square-foot residential (R-2) building submitted by David Halberstam with plans filed April 13, 2022 and permitted January 23, 2023. The second largest is a 11-unit, 7,314 square-foot residential (R-2) building submitted by Zalman Perl with plans filed March 20, 2015 and it has not been permitted yet.

The majority, or 43 percent of the 126,790 square feet of built space are specialty buildings, with mixed-use buildings next occupying 29 percent of the space.

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