Camelot, Suresh Sami pay $10.5M for 20-unit walkup in Williamsburg

Camelot Realty Group and Suresh Sami through the entity 250 North Ventures, LLC paid $10.5 million to Lazarro Sangiovanni through the entity San G. Realty, Inc. for the 20-unit residential walkup building (C1) at 250 North 6th Street in Williamsburg, Brooklyn.
The deal closed on June 29, 2022 and was recorded on July 13, 2022.The property has 16,095 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $652 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 Lazarro Sangiovanni was Lazarro Sangiovanni. The signatory for Camelot Realty Group and Suresh Sami was Alex Rabin. Suresh Sami signed on the mortgage for the property.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Camelot Realty Group purchased two properties in two transactions for a total of $11.6 million and has no record it sold any properties over the past 24 months.
The seller Lazarro Sangiovanni had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Lazzaro Sangiovanni, head officer. The business entity is San G Realty Inc. The 16,095-square-foot property generated revenue of $375,979 or $23 per square foot, according to the most recent income and expense figures.

The property

The 250 North 6th Street parcel has frontage of 37 feet and is 100 feet deep with a total lot size of 3,700 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 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 received 11 housing 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 40 percent of the 56.3 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 22 percent of the space. In sales, Williamsburg has the 9th 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 9 percent of the neighborhood’s built space. There were six pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 17 commercial properties representing 93,232 square feet of the 121,440 square feet. The largest owner is Double U Realty, followed by Lazzaro San Giovanni and then Oak Tree Residential. There is one active new building construction project totaling 9,683 square feet. It is a seven-unit, 9,683-square-foot R-2 building developed by Elizabeth McDonald with plans filed October 30, 2018 and permitted April 23, 2019.

The majority, or 44 percent of the 150,690 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Camelot Realty Group owned at least two commercial properties in New York City with 14,196 square feet and a city-determined market value of $5.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5.5 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 51 percent of the 14,196 square feet of built space are mixed-use properties, with walkup properties next occupying 49 percent of the space. The bulk, or 51 percent of the built space, is in Brooklyn, with Manhattan next at 49 percent of the space.

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