Yuzuru Honda pays $3.3M for mixed-use in Williamsburg

Yuzuru Honda through the entity Honda, Yuzuru paid $3.3 million to Hyun Sung Park through the entity 104 Global Inc for the mixed-use building (S1) at 104 Roebling St in Williamsburg, Brooklyn.
The deal closed on February 13, 2024 and was recorded on February 22, 2024. The property has 3,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,100 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 seller bought the property on March 14, 2014, for $2.5 million. The signatory for Hyun Sung Park was Hyun Sung Park. The signatory for Yuzuru Honda was Yuzuru Honda. The contract date was January 11, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yuzuru Honda had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hyun Sung Park had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Williamsburg has 3,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 55 feet deep with a total lot size of 1,100 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 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 4th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.4 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 eight of the 19 commercial properties representing 52,165 square feet of the 96,929 square feet. The largest owner is Teddy Golaszewski, followed by Moaath Y. Alsayedi and then Manjula Mukhopadhyay.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 96,929 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

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