Calogero Troia pays $3.4M to Robert Vigorito for mixed-use in Williamsburg

Calogero Troia through the entity Williamsburg 359 LLC paid $3.4 million to Robert Vigorito for the two-unit mixed-use building (S2) at 359 Metropolitan Avenue in Williamsburg, Brooklyn.
The deal closed on March 2, 2023 and was recorded on March 9, 2023. The property has 3,188 square feet of built space and 2,853 square feet of additional air rights for a total buildable of 6,028 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,066 and the price per buildable square foot is $563 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 Robert Vigorito was Robert Vigorito. The signatory for Calogero Troia was Calogero Troia.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Calogero Troia had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robert Vigorito had not purchased any other properties and sold one property in one transaction for a total of $6.3 million over the same time period.

The property

The 359 Metropolitan Avenue parcel has frontage of 21 feet and is 114 feet deep with a total lot size of 2,481 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million.

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 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 $5 million on this tax lot.

The neighborhood

In Williamsburg, the bulk, or 39 percent of the 49.7 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 $2.2 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 4.4 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. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 20,102 square feet of the 71,106 square feet. The largest owner is Ralph Astore As Trustee, followed by Partners Path and then All Year Management.
there are no active new building construction projects on this tax block.

The majority, or 67 percent of the 70,953 square feet of built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space.

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