Blacktee Capital Partners pays $3.7M to Margate Atlantic for retail in Williamsburg

Blacktee Capital Partners through the entity 380 Union Ave LLC paid $3.7 million to Margate Atlantic Properties through the entity Mbh 1 Power LLC for the retail condo at 1 Powers Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on January 22, 2026 and was recorded on February 5, 2026. The property has 4,158 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $891 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 December 27, 2012, for $1.7 million. The signatory for Margate Atlantic Properties was Michael Betesh. The signatory for Blacktee Capital Partners was Andres Eduardo Azpurua Ramirez and Jacob Louis Meskin. The contract date was July 24, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Blacktee Capital Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Margate Atlantic Properties had not purchased any other properties and sold four properties in four transactions for a total of $9.1 million over the same time period.

The property

The retail condo in Williamsburg has 4,158 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 4,158 square feet. The property has a 421A exemption that started in 2012 and expires in 2037. The city-designated market value for the property in 2022 is $544,050.

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 6th 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 2nd most active neighborhood among other neighborhoods. It had 42.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 26,371 square feet of the 33,906 square feet. The identified owner is Simon Fouladian.
On the tax block, there was one new building construction project filed totaling 4,884 square feet. It is a three-unit, 4,884 square-foot residential (R-2) building submitted by Dominick D’Erasmo with plans filed June 9, 2015 and permitted April 5, 2021.

The majority, or 78 percent of the 33,906 square feet of built space are elevator buildings, with mixed-use buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Margate Atlantic Properties owned at least three commercial properties with one residential unit in New York City with 27,992 square feet and a city-determined market value of $6.6 million. (Market value is typically about 50% of actual value.) The portfolio has $13.8 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 92 percent of the 27,992 square feet of built space are office properties, with mixed-use properties next occupying 8 percent of the space. They are all located in Brooklyn.

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