First Atlantic Capital affiliates trade stake valued at $18.8M in retail, garage in Williamsburg

First Atlantic Capital through the entity Deb Holding S.R.L. acquired a 78.1 percent interest from First Atlantic Capital through the entity Atlantic Investments S.P.A. valued at $18.8 million for two retail and commercial condominium units and one garage condominium unit at 215 North 10th Street in Williamsburg, Brooklyn.

The transfer appears to be between two affiliated entities. PincusCo is reporting on the transfer since First Atlantic Capital’s ownership stake in the asset was not previously reported.

Largo Investments developed the mixed-use, 31-unit condominium building.
The deal closed on March 21, 2024 and was recorded on April 9, 2024.
First Atlantic Capital, with offices in Manhattan and Milan, owns investments in several New York City properties, according to its website.

The retail and commercial units have a combined square foot total of 35,417 square feet over five floors.

The offering memorandum shows the commercial units on page 63.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer First Atlantic Capital had purchased any other properties and has no record it sold any properties over the past 24 months.

The block

On the tax block of 215 North 10th Street, PincusCo has identified the owner of the one commercial property that spans that spans 122,548 square feet on the block. The identified owner is Largo Investments.
On the tax block, there was one new building construction project filed totaling 64,529 square feet. It is a 31-unit, 64,529 square-foot residential (R-2) building submitted by Largo Investments and filed by Michael Zampetti with plans filed July 20, 2018 and permitted January 6, 2020.

All properties are elevator.

The buyer

The PincusCo database currently indicates that Largo Investments owned at least two commercial properties with 73 residential units in New York City with 143,629 square feet and a city-determined market value of $18.2 million. (Market value is typically about 50% of actual value.) The portfolio has $54 million in debt, borrowed from Maxim Credit Group. Within the portfolio, the bulk, or 50 percent of the 143,629 square feet of built space are elevator properties, with D4 properties next occupying 50 percent of the space. They are all located in Brooklyn.

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