Cohabs pays $3.4M for 5-unit walkup in Williamsburg

Cohabs through the entity 723 Metropolitan Avenue LLC paid $3.4 million to Michele Marafino Savino for the five-unit residential walkup building (C2) at 723 Metropolitan Avenue in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on November 12, 2025 and was recorded on November 24, 2025. The property has 2,835 square feet of built space and 6,455 square feet of additional air rights for a total buildable of 9,288 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,181 and the price per buildable square foot is $360 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 Michele Marafino Savino was Michele Marafino Savino. The signatory for Cohabs was James Grasso . The contract date was June 24, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Cohabs purchased seven properties in seven transactions for a total of $23.3 million and has no record it sold any properties over the past 24 months.
The seller Michele Marafino Savino 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 Michele Marafino, head officer and Paula Marafino, officer. The business entity is Michele Marafino. The 2,835-square-foot property generated revenue of $80,627 or $28 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 5 residential units in Williamsburg has 2,835 square feet of built space and 6,455 square feet of additional air rights for a total buildable of 9,288 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 86 feet deep with a total lot size of 2,322 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million.

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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 15 commercial properties representing 97,364 square feet of the 127,184 square feet. The largest owner is NYC Department Of Education, followed by Thomas Leanza.
On the tax block, there was one new building construction project filed totaling 27,447 square feet. It is a 27,447 square-foot educational (E) building submitted by James Elberfeld with plans filed December 4, 2018 and permitted October 25, 2019.

The majority, or 51 percent of the 127,184 square feet of built space are specialty buildings, with walkup buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Cohabs owned at least 21 commercial properties with 65 residential units in New York City with 112,636 square feet and a city-determined market value of $30.3 million. (Market value is typically about 50% of actual value.) The portfolio has $71.1 million in debt, borrowed from Axos Bank. Within the portfolio, the bulk, or 38 percent of the 112,636 square feet of built space are C3 properties, with C0 properties next occupying 16 percent of the space. The bulk, or 83 percent of the built space, is in Brooklyn, with Manhattan next at 17 percent of the space.

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