Artist pays $3.1M for industrial in Williamsburg

An artist paid $3.1 million to Steven Pacia through the entity Sine Parade, Inc. for the industrial building (F5) at 17 Frost Street in Williamsburg, Brooklyn.
The deal closed on January 22, 2024 and was recorded on January 31, 2024. The property has 2,500 square feet of built space and 2,499 square feet of additional air rights for a total buildable of 4,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,239 and the price per buildable square foot is $619 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 seller bought the property on August 1, 2006, for $975,000. The signatory for Steven Pacia was Steven Pacia. The signatories for the buyers were David Nuss and artist Sarah Martin-Nuss. The contract date was December 1, 2023.

The property

The industrial building in Williamsburg has 2,500 square feet of built space and 2,499 square feet of additional air rights for a total buildable of 4,998 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is M1-2/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $239,000.

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 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 $2.3 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 this tax block, PincusCo has identified the owners of seven of the 15 commercial properties representing 126,105 square feet of the 167,652 square feet. The largest owner is Rocco L. Trotta, followed by Phillip Miller and then Joel Schwartz.
On the tax block, there were two new building construction projects totaling 10,162 square feet. The largest is a eight-unit, 5,252 square-foot residential (R-2) building submitted by Yisroel Greenfeld and filed by Yisroel Greenfeld with plans filed April 3, 2023 and it has not been permitted yet. The second largest is a five-unit, 4,910 square-foot residential (R-2) building submitted by Jorge Mastropietro with plans filed October 27, 2017 and permitted August 29, 2019.

The majority, or 66 percent of the 167,652 square feet of built space are elevator buildings, with mixed-use buildings next occupying 17 percent of the space.

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