Center Street Capital pays $2.5M for 8-unit walkup in Williamsburg

Center Street Capital through the entity 222 North 6th Street LLC paid $2.5 million to Howard Friedman through the entity North Sixth Realty LLC for the eight-unit residential walkup building (C1) at 222 North 6th Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on April 4, 2025 and was recorded on April 21, 2025. The property has 6,160 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $405 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 Howard Friedman was Howard Friedman. The signatory for Center Street Capital was Elazar Orlofsky . The contract date was January 31, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Center Street Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Howard Friedman had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Howard Friedman, head officer and Warren Friedman, officer. The business entity is North Sixth Realty Llc.

The property

The residential walkup building with 8 residential units in Williamsburg has 6,160 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 100 feet deep with a total lot size of 2,800 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 $2.2 million. The property has 7 rent regulated units according to city tax records from 2023.

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 received $100 in OATH penalties 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 block

On this tax block, PincusCo has identified the owners of six of the 14 commercial properties representing 24,451 square feet of the 61,738 square feet. The largest owner is Warren Friedman, followed by Andrew Mokrzycki and then Veronica Serrano.
On the tax block, there were three new building construction projects totaling 16,139 square feet. The largest is a seven-unit, 8,096 square-foot residential (R-2) building submitted by Koby Telyas with plans filed August 13, 2020 and it has not been permitted yet. The second largest is a three-unit, 4,976 square-foot residential (R-2) building submitted by Jorge Mastropietro with plans filed September 30, 2016 and permitted April 18, 2019.

The majority, or 43 percent of the 61,738 square feet of built space are walkup buildings, with mixed-use buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Howard Friedman owned at least three commercial properties with 22 residential units in New York City with 18,440 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 73 percent of the 18,440 square feet of built space are walkup properties, with mixed-use properties next occupying 27 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Center Street Capital owned at least 13 commercial properties with 114 residential units in New York City with 97,116 square feet and a city-determined market value of $18.4 million. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 81 percent of the 97,116 square feet of built space are walkup properties, with elevator properties next occupying 12 percent of the space. They are all located in Brooklyn.

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