Cosmic Art Studio pays $8M for retail in East Williamsburg

UPDATED: The entity Cosmic Art Studio LLC with unknown ownership paid $8 million to Roland J. Augustine and Lawrence R. Luhring through the entity Even Clearer Skies, LLC for the retail building (K4) at 25 Knickerbocker Avenue in East Williamsburg, Brooklyn.
The deal closed on January 16, 2024 and was recorded on January 19, 2024. The property has 10,120 square feet of built space and 10,119 square feet of additional air rights for a total buildable of 20,238 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $790 and the price per buildable square foot is $395 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 seller bought the property on November 23, 2010, for $2 million. The signatory for Roland J. Augustine and Lawrence R. Luhring was Lawrence M. Segan. The signatory for Cosmic Art Studio LLC was David H. Dembitzer, an attorney. The contract date was November 4, 2023. Lawrence M. Segan is an attorney as well.
Dan Marks, Jackson O’Neill, and Daniel Lebor of the brokerage TerraCRG, brokered the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Roland J. Augustine had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in East Williamsburg has 10,120 square feet of built space and 10,119 square feet of additional air rights for a total buildable of 20,238 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 108 feet deep with a total lot size of 10,119 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $1.3 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 neighborhood

In East Williamsburg, The majority, or 62 percent of the 17 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has near average sales volume among other neighborhoods with $351.2 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, East Williamsburg has had very little major development activity relative to other neighborhoods.It had 721,114 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 42,474 square feet of the 262,736 square feet. The two identified owners are Prologis and Neil Hamamoto.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 262,736 square feet of built space are industrial buildings, with office buildings next occupying 22 percent of the space.

UPDATED: with brokerage information.

Direct link to Acris document. link