EDRE Development pays $13M for six properties in Williamsburg

EDRE Development through the entity 110 N1 Owner LLC paid $13.0 million to an affiliate of Robert Loeffler through the entity Rovex LLC for industrial (E1) at 106 North 1st Street in Williamsburg, Brooklyn, industrial (E1) at 102 North 1st Street in Williamsburg, Brooklyn, and four-unit four-family building (C3) at 109 Grand Street in Williamsburg, Brooklyn.
The deal closed on May 6, 2021 and was recorded on June 29, 2021.
The six properties have 22,375 square feet of built space and 31,069 square feet of additional air rights for a total buildable of 53,382 square feet according to PincusCo analysis of city data. The sale price per built square foot is $581 and the price per buildable square foot is $243 per the PincusCo analysis.
The signatory for Robert Loeffler was Darren S. Berger. The signatory for EDRE Development was Harel Edery.

There have been 2 demolition projects filed over the past five years on at least one of these parcels.
Within a 400-foot radius of 102 North 1st Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit application filed on December 1, 2020 for a 51,398-square-foot R-2 building with 45 residential units at 74 North 1st Street.
Of those six items, five were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $921,500, two permits with a total initial cost of $3.6 million and two initial temporary certificate of occupancy issuances for projects that initially costed $1.6 million. The most recent of these five items was the permit on June 17, 2021 for a 13,098-square-foot B building with 0 residential units at 107 North 1st Street.

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