Anonymous buyer pays $6.5M for dev site in Williamsburg

Rukab Brash registered through the entity Havem LLC paid $6.5 million to Michael Pescatore through the entity Fpp 46 Realty LLC for the industrial building (G7) at 88 to 92 Havemeyer Street in Williamsburg, Brooklyn. The expected use is ground up development.
The deal closed on January 22, 2025 and was recorded on January 31, 2025. The three properties have zero square feet of built space and 15,219 square feet of additional air rights for a total buildable of 15,219 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $427 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 Michael Pescatore was Michael Pescatore. The signatory for Rukab Brash registered was Benjamin Brash. The contract date was October 16, 2024. Michael Pescatore’s family is affiliated with the brokerage Worth Property Group.  The buyer is unknown in care of the law firm Rukab Brash.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 90 Havemeyer.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rukab Brash registered had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Pescatore purchased one property in one transaction for a total of $7.4 million and had not sold any properties over the same time period.

The property

The parcel has frontage of 25 feet and is 80 feet deep with a total lot size of 2,000 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $152,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 5th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.3 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 the tax block of 90 Havemeyer, PincusCo has identified the owners of seven of the 16 commercial properties representing 179,763 square feet of the 208,332 square feet. The largest owner is Calmwater Capital, followed by Salvatore Mendolia and then Fdny.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 208,332 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Michael Pescatore owned at least one commercial property in New York City with 11,217 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Queens.

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