Andrew Cavitolo pays $4.8M to Barry Lutsky for industrial in East Williamsburg

Andrew Cavitolo through the entity Maujer Foods LLC paid $4.8 million to Barry B. Lutsky through the entity 324 Maujer Street Corp. for industrial building (E9) at 324 Maujer Street in East Williamsburg, Brooklyn.
The deal closed on June 14, 2022 and was recorded on July 25, 2022. The property has 12,250 square feet of built space and 6,894 square feet of additional air rights for a total buildable of 19,150 square feet according to PincusCo analysis of city data. The sale price per built square foot is $387 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 Barry B. Lutsky was Glenn Lau-Kee. The signatory for Andrew Cavitolo was Andrew Cavitolo.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Andrew Cavitolo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Barry B. Lutsky had not purchased any other properties and had not sold any properties over the same time period. The 12,250-square-foot property generated revenue of $253,974 or $21 per square foot, according to the most recent income and expense figures.

The property

The 324 Maujer Street parcel has frontage of 100 feet and is 95 feet deep with a total lot size of 9,575 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $944,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In East Williamsburg, the majority, or 63 percent of the 16.3 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 10 percent of the space. In sales, East Williamsburg has 1.5 times the average sales volume among other neighborhoods with $485.8 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, East Williamsburg has 1.4 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Brooklyn. It had 1.5 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.

The block

On this tax block, PincusCo has identified the owners of one of the 21 commercial properties representing 24,890 square feet of the 188,132 square feet. The identified owner is Jay Weitzman. There is one active new building construction project totaling 5,772 square feet. It is a 5,772-square-foot B building developed by Leontine Ebers with plans filed February 1, 2017 and permitted January 18, 2018.

The majority, or 90 percent of the 188,132 square feet of built space are industrial buildings, with mixed-use buildings next occupying 6 percent of the space.

Direct link to Acris document. link