Dan Dai pays $4.6M for industrial in East Williamsburg
Dan Dai through the entity Wanda Building LLC paid $4.6 million to Anthony Losquadro and Monica Losquadro through the entity Losquadro, Anthony for the industrial building (E9) at 222 Varick Avenue in East Williamsburg, Brooklyn.
The deal closed on February 7, 2024 and was recorded on February 23, 2024. The property has 14,930 square feet of built space for a total buildable of 14,930 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $306 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 Anthony Losquadro and Monica Losquadro was Anthony Losquadro and Monica Losquadro. The signatory for Dan Dai was Dan Dai. The contract date was July 29, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Dan Dai had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Anthony Losquadro had not purchased any other properties and had not sold any properties over the same time period.
The property
The industrial building in East Williamsburg has 14,930 square feet of built space for a total buildable of 14,930 square feet according to a PincusCo analysis of city data. The parcel has frontage of 70 feet and is 106 feet deep with a total lot size of 7,465 square feet. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $1.7 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 received $800 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 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 $292.6 million in sales volume in the last two years and is the 27th highest in Brooklyn. For development, East Williamsburg has had very little major development activity relative to other neighborhoods.It had 776,222 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 39,510 square feet of the 102,614 square feet. The identified owner is Vichai Charalaivan.
There are no active new building construction projects on this tax block.
All properties are industrial.
The seller
The PincusCo database currently indicates that Anthony Losquadro owned at least two commercial properties with 44 residential units in New York City with 17,186 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $5.5 million in debt, borrowed from First Republic Bank. Within the portfolio, all identified are elevator properties. They are all located in Brooklyn.
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