Dixon Advisory, Brooksville sell 3-unit in Williamsburg for $2.4M

Dixon Advisory and the Brooksville Company through the entity NRL URF LLC sold the three-unit building (C0) at 119 Powers Street in Williamsburg, Brooklyn, to non-investors for $2.4 million. The struggling Australia-based Dixon Advisory amassed a large portfolio of one- and two-family homes in Brooklyn and New Jersey, as well as larger apartment buildings. It is selling the assets, according to company documents, noting that $77.85 million was in the sales pipeline as of the end of March 2024.
The deal closed on July 25, 2024 and was recorded on July 30, 2024. The property has 2,190 square feet of built space and 2,614 square feet of additional air rights for a total buildable of 4,798 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,093 and the price per buildable square foot is $499 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.)
Dixon Advisory bought the property on May 8, 2017, for $2.3 million. The signatory for Dixon Advisory and Brooksville Company was Scott Goldman. The contract date was March 12, 2024.

The troubled Australian firm Dixon Advisory struck a deal with the Brooksville Company in 2022 in which Brooksville invested $1.5 million and acquired an ownership interest. “As part of this transaction, Brooksville invested US$1.5 million of their founders’ capital for a minority interest in US Masters Residential Property (USA) Fund (US REIT). In return for services provided, Brooksville is entitled to an incentive fee (promote) on returns delivered above an 8% compound annual return,” according to a letter in the 2022 annual report for US Masters Residential Property Fund. Also in early 2022, Dixon Advisory was placed in voluntary administration in Australia, a process in which outsiders take over companies that are insolvent or can’t pay their debts.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Skye Whitman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dixon Advisory had not purchased any other properties and sold two properties in one transactions for a total of $8.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Brian Disler, head officer and Kevin Mcavey, officer. The business entities are Dixon Advisory and Ny Oakland Llc.

The property

The 1-4 family building with 3 residential units in Williamsburg has 2,190 square feet of built space and 2,614 square feet of additional air rights for a total buildable of 4,798 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,399 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 $2.1 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 received $250 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 two of the five commercial properties representing 8,475 square feet of the 14,915 square feet. The two identified owners are Center Street Capital and Nerim Cejaj.
On the tax block, there were two new building construction projects totaling 10,075 square feet. The largest is a eight-unit, 5,179 square-foot residential (R-2) building submitted by Yisroel Greenfeld and filed by Yisroel Greenfeld with plans filed March 31, 2023 and permitted March 14, 2024. The second largest is a seven-unit, 4,896 square-foot residential (R-2) building submitted by Yisroel Greenfeld and filed by Yisroel Greenfeld with plans filed March 31, 2023 and permitted March 11, 2024.

The majority, or 57 percent of the 14,915 square feet of built space are walkup buildings, with mixed-use buildings next occupying 43 percent of the space.

Direct link to Acris document. link