Fabio Camardi pays $3.5M for former dog shelter in Williamsburg

Fabio Camardi through the entity Caca LLC paid $3.5 million to the entity 86 North First Street Realty Corp. for the commercial building (I9) at 86 North 1st Street in Williamsburg, Brooklyn.
The deal closed on July 29, 2024 and was recorded on August 16, 2024. The property has 2,700 square feet of built space and 5,398 square feet of additional air rights for a total buildable of 8,097 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,296 and the price per buildable square foot is $432 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 the seller was Richard J. Pilson. The signatory for Fabio Camardi was Fabio Camardi. The contract date was May 1, 2023.
The building was formerly the Brooklyn Animal Resource Coalition, BARC, a no-kill animal rescue shelter led by Anthony Spoto and Vincent Spinola.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Fabio Camardi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vincent Spinola had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Williamsburg has 2,700 square feet of built space and 5,398 square feet of additional air rights for a total buildable of 8,097 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 108 feet deep with a total lot size of 2,699 square feet. The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $324,000.

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

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 $1.9 billion in sales volume in the last two years. For development, Williamsburg has 4.2 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 17 commercial properties representing 28,800 square feet of the 83,716 square feet. The largest owner is Edery Global, followed by Jeremy Armstrong and then Jg Funding.
On the tax block, there were four new building construction projects totaling 151,754 square feet. The largest is a 38-unit, 48,615 square-foot residential (R-2) building submitted by DDG Partners and filed by Joseph Mcmillan with plans filed November 2, 2018 and permitted April 19, 2022. The second largest is a 50-unit, 35,329 square-foot residential (R-2) building submitted by Hershy Silberstein and filed by Hershy Silberstein with plans filed October 28, 2021 and permitted June 15, 2022.

The majority, or 48 percent of the 83,716 square feet of built space are mixed-use buildings, with industrial buildings next occupying 31 percent of the space.

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