Anonymous buyer pays $8.1M for development parcel in Williamsburg
166 North 12th Street (Credit - Google)
The anonymous entity 166n12 LLC paid $8.1 million to Aron Namenwirth through the entity Stable Art Inc for the two-unit industrial building (E9) at 166 North 12th Street in Williamsburg, Brooklyn. A listing by Compass said the property was one of the last developable sites facing McCarren Park.
The deal closed on June 16, 2022 and was recorded on July 15, 2022. The property has 9,000 square feet of built space and 6,000 square feet of additional air rights for a total buildable of 15,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $900 and the price per buildable square foot is $540 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 Aron Namenwirth was the artist Aron Namenwirth. The signatory for 166n12 LLC was Uel Rheem, an attorney. Aron Namenwirth is an artist and owner of Stable Art.
Prior sales and revenue
The seller Aron Namenwirth had not purchased any other properties and had not sold any properties over the same time period. The 9,000-square-foot property generated revenue of $181,570 or $20 per square foot, according to the most recent income and expense figures.
The property
The 166 North 12th Street parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $706,000.
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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 received $250 in OATH penalties 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 Williamsburg, the bulk, or 39 percent of the 50 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 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Williamsburg is the 8th most active neighborhood among other neighborhoods. It had 5.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of 10 of the 30 commercial properties representing 134,017 square feet of the 187,027 square feet. The largest owner is Empire Capital Holdings, followed by Atlas Feather and then Icon Realty Management. There are no active new building construction projects on this tax block.
The majority, or 38 percent of the 157,267 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 30 percent of the space.
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