City Urban Realty pays $5.3M for mixed-use in Williamsburg

City Urban Realty through the entity 95 North 6th Owner LLC paid $5.3 million to Antonio Sosa through the entity Antonio Sosa, Executor for the two-unit mixed-use building (S2) at 95 North 6th Street in Williamsburg, Brooklyn.
The deal closed on September 29, 2022 and was recorded on October 11, 2022. The property has 4,800 square feet of built space and 2,700 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,104 and the price per buildable square foot is $706 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 Antonio Sosa was Antonio Sosa. The signatory for City Urban Realty was Michael Alvandi.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer City Urban Realty purchased two properties in two transactions for a total of $14.8 million and has no record it sold any properties over the past 24 months.
The seller Antonio Sosa 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 Antonio Sosa, head officer and Frederick Margolin, site manager. The business entity is Estate Of Madeline Sosa.

The property

The 95 North 6th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $446,000.

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 50 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 7th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Williamsburg is the 9th most active neighborhood among other neighborhoods. It had 4.6 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 18 of the 29 commercial properties representing 84,840 square feet of the 132,168 square feet. The largest owner is L3 Capital, followed by Wlodzimierz Grzybowski and then Eva Lesniak.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 131,328 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that City Urban Realty owned at least four commercial properties in New York City with 43,151 square feet and a city-determined market value of $6.1 million. (Market value is typically about 50% of actual value.) The portfolio has $26.4 million in debt, borrowed from Signature Bank and Calmwater Capital. Within the portfolio, the bulk, or 92 percent of the 43,151 square feet of built space are walkup properties, with mixed-use properties next occupying 8 percent of the space. They are all located in Brooklyn.

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