Bushwack Capital pays $14M for elevator building, development parcel in East Williamsburg
Bushwack Capital paid $14 million to Rob Herschenfeld for a residential elevator building and a development parcel in East Williamsburg in two separate transactions.
In the first, Bushwack Capital through the entity 82c LLC paid $10 million to Rob Herschenfeld through the entity 304 Boerum Street LLC for 15-unit residential elevator building at 100 White Street in East Williamsburg, Brooklyn.
The deal closed on December 27, 2021 and was recorded on January 11, 2022.
The property has 40,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $246 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 Rob Herschenfeld was Rob Herschenfeld. The signatory for Bushwack Capital was Dawson Stellberger.
Prior to this transaction, the buyer Bushwack Capital purchased three properties in three transactions for a total of $34.4 million and had not sold any properties over the past 24 months.
The seller Rob Herschenfeld had not purchased any other properties and had not sold any properties over the same time period.
The 40,600-square-foot property generated revenue of $956,344 or $24 per square foot, according to the most recent income and expense figures.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
There has been one demolition project filed for the parcels over the past five years. One of the projects were to change the building from a COM to a B.
Dawson Stellberger is managing principal at Bushwack Capital. https://www.linkedin.com/in/dawson-stellberger-76752a7
In East Williamsburg, the majority, or 58 percent of the 17.8 million square feet of built space are industrial buildings, with residential walkup buildings next occupying 9 percent of the space. In sales, East Williamsburg has 1.2 times the average sales volume in the city with $335.5 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, East Williamsburg has 1.4 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Brooklyn. It had 1.3 million square feet of commercial construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
On the tax block, the majority, or 98 percent of the 41,600 square feet of built space are residential elevator buildings, with industrial buildings next occupying 2 percent of the space.
Within a 400-foot radius of 100 White Street, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on March 13, 2020 for the $35 million renovation of 157,118-square-foot F-1 building with no residential units at 333 Johnson Avenue.
One of those four items was a sale which Princeton Real Estate Partners bought the 24,710-square-foot, one-unit industrial (E9) on 71 White Street for $7.6 million from Yoel Goldman and All Year Management on May 3, 2021.
Of those four items, two were loans above $5 million totaling $120.2 million. The most recent of the two was Steel Equities which borrowed $70 million from TD Bank secured by the 170,432-square-foot, one-unit office building (J6) on 333 Johnson Avenue on August 11, 2021.
Direct link to Acris document. link
In the second, Bushwack Capital through the entity 82c LLC paid $4 million to Rob Herschenfeld through the entity White-Mckibbin LLC for a development site at 307 White Street in East Williamsburg, Brooklyn.
The deal closed on December 27, 2021 and was recorded on January 11, 2022.
The property has 0 square feet of built space and 25,480 square feet of additional air rights for a total buildable of 25,480 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $156 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 April 15, 2010, for $1.7 million.
The signatory for Rob Herschenfeld was Rob Herschenfeld. The signatory for Bushwack Capital was Dawson Stellberger.
In East Williamsburg, the majority, or 58 percent of the 17.8 million square feet of built space are industrial buildings, with residential walkup buildings next occupying 9 percent of the space. In sales, East Williamsburg has 1.2 times the average sales volume in the city with $335.5 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, East Williamsburg has 1.4 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Brooklyn. It had 1.3 million square feet of commercial construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
On the tax block, the majority, or 98 percent of the 41,600 square feet of built space are residential elevator buildings, with industrial buildings next occupying 2 percent of the space.
Direct link to Acris document. link