Eliviat Group pays $3.3M to Skylight Real Estate for mixed-use in Williamsburg

Eliviat Group through the entity Fade 211 Johnson LLC paid $3.3 million to Skylight Real Estate Partners through the entity Broadway Williamsburg Four LLC for the six-unit mixed-use building (S5) at 211 Johnson Avenue in Williamsburg, Brooklyn.
The deal closed on September 21, 2023 and was recorded on October 4, 2023. The property has 5,692 square feet of built space and 654 square feet of additional air rights for a total buildable of 6,356 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $579 and the price per buildable square foot is $519 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 April 21, 2016, for $9.6 million. The signatory for Skylight Real Estate Partners was Anthony J. Cornicello. The signatory for Eliviat Group was Eli Attias. The contract date was April 4, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Eliviat Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Skylight Real Estate Partners had not purchased any other properties and sold two properties in two transactions for a total of $5.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Gregory Bucks, head officer and Igli Jaupi, agent. The business entities are Canvas Property Group, Williamsburg 4 Management Llc., and Williamsburg 4 Management Llc.

The property

The mixed-use building with 6 residential units in Williamsburg has 5,692 square feet of built space and 654 square feet of additional air rights for a total buildable of 6,356 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,616 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 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 $230 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 Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 5th highest sale turnover among other neighborhoods in the city with $2.7 billion in sales volume in the last two years. For development, Williamsburg is the 8th most active neighborhood among other neighborhoods. It had 4.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 54,043 square feet of the 97,618 square feet. The largest owner is Skylight Real Estate Partners, followed by Sam Wasserman and then G-Way Management.
On the tax block, there was one new building construction project filed totaling 6,843 square feet. It is a eight-unit, 6,843 square-foot residential (R-2) building submitted by Marcelo Duek with plans filed August 15, 2019 and it has not been permitted yet.

The majority, or 28 percent of the 97,618 square feet of built space are elevator buildings, with mixed-use buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Skylight Real Estate Partners owned at least 24 commercial properties with 382 residential units in New York City with 351,194 square feet and a city-determined market value of $66.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 351,194 square feet of built space are walkup properties, with elevator properties next occupying 34 percent of the space. The bulk, or 78 percent of the built space, is in Manhattan, with Brooklyn next at 22 percent of the space.

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