5-unit walkup in Williamsburg sells for $2.6M

Dimerys Ysabel Paulino De Cruz through the entity Licey Building For Good Inc. paid $2.6 million to America Zapata for the five-unit residential walkup building at 222 Manhattan Avenue in Williamsburg, Brooklyn.
The deal closed on January 14, 2022 and was recorded on February 17, 2022.
The property has 4,867 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $544 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 America Zapata was America Zapata. The signatory for Dimerys Ysabel Paulino De Cruz was Dimerys Ysabel Paulino De Cruz.

The 4,867-square-foot property generated revenue of $108,388 or $22 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $11,000.

In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 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 eight pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 62 percent of the 170,735 square feet of built space are mixed-use buildings, with residential walkup buildings next occupying 26 percent of the space.
The former owners according to the Department of Housing Preservation and Development included America Zapata, individual owner and Michelle Yong, agent.
Within a 400-foot radius of 222 Manhattan Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on May 11, 2020 for the $1.2 million renovation of 10,346-square-foot R-2 building with 14 residential units at 671 Grand Street.
Of those five items, four were loans above $5 million totaling $540.6 million. The most recent of the four was MDG Design + Construction which borrowed $472.8 million from NYC Housing Development Corporation secured by the 362,480-square-foot, 189-unit rental (C7) on 229 Graham Avenue and four other properties on January 19, 2022.

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