5-unit walkup sells for $2.1M in East Williamsburg

The entity 375 Bushwick LLC through signatory Andrew Kamkar, paid $2.1 million to Justiniano Zapata through the entity Zapata, Justiano for the five-unit mixed-use building (S5) at 375 Bushwick Avenue in East Williamsburg, Brooklyn.
The deal closed on October 20, 2023 and was recorded on October 27, 2023. The property has 8,060 square feet of built space and 346 square feet of additional air rights for a total buildable of 8,407 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $259 and the price per buildable square foot is $248 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 Justiniano Zapata was Justiniano Zapata. The signatory for the buyer was Andrew Kamkar. The contract date was June 13, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Andrew Kamkar had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Justiniano Zapata had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Justiniano Zapata, individual owner.

The property

The mixed-use building with 5 residential units in East Williamsburg has 8,060 square feet of built space and 346 square feet of additional air rights for a total buildable of 8,407 square feet according to a PincusCo analysis of city data. The parcel has frontage of 31 feet and is 109 feet deep with a total lot size of 3,460 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 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 East Williamsburg, The majority, or 62 percent of the 17 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has 1.2 times the average sales volume among other neighborhoods with $428.6 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, East Williamsburg has had very little major development activity relative to other neighborhoods.It had 844,678 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 37 commercial properties representing 4,088 square feet of the 128,654 square feet. The identified owner is Jack Guttman.
On the tax block, there were two new building construction projects totaling 57,233 square feet. The largest is a 62-unit, 51,243 square-foot residential (R-2) building submitted by Josef Perlstein and filed by Josef Perlstein with plans filed April 21, 2016 and it has not been permitted yet. The second largest is a 5,990 square-foot 74 building submitted by Norman Wong with plans filed October 4, 2023 and it has not been permitted yet.

The majority, or 76 percent of the 128,654 square feet of built space are industrial buildings, with mixed-use buildings next occupying 24 percent of the space.

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