Eckstrom NYC pays $7M for 6-unit walkup in Brooklyn Heights

Carlos Saavedra’s Eckstrom NYC through the entity 109 Willow LLC paid $7 million to Debra L. Katz through the entity Wisser Enterprises, L.P. for the six-unit residential walkup building (C2) at 109 Willow Street in Brooklyn Heights, Brooklyn.
The deal closed on June 8, 2023 and was recorded on June 22, 2023. The property has 8,730 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $807 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 Debra L. Katz was Debra L. Katz. The signatory for Eckstrom NYC was Carlos Saavedra.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eckstrom NYC purchased 10 properties in 10 transactions for a total of $46.6 million and has no record it sold any properties over the past 24 months.
The seller Debra L. Katz 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 Debra Katz, head officer and Brian Lehner, officer. The business entity is Wisser Enterprises Lp By Wisser Realty M.

The property

The residential walkup building with 6 residential units in Brooklyn Heights has 8,730 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,562 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $3.8 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

For the tax lot building, it received its initial certificate of occupancy on June 2, 2022. 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 10 of the 11 commercial properties representing 126,994 square feet of the 126,994 square feet. The largest owner is Willie Williams, followed by Virginia Dichiara and then Robin Wachtel.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 126,994 square feet of built space are elevator buildings, with walkup buildings next occupying 43 percent of the space.

The buyer

The PincusCo database currently indicates that Eckstrom NYC owned at least 13 commercial properties with 57 residential units in New York City with 74,603 square feet and a city-determined market value of $35.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 35 percent of the 74,603 square feet of built space are walkup properties, with C3 properties next occupying 25 percent of the space. They are all located in Brooklyn.

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