Heights Advisors, Legacy Partners pay $16.1M for two industrial buildings in Columbia Waterfront

The developers Heights Advisors and Legacy Partners through the entity 129 Van Brunt Street Owner, LLC paid $16.1 million to Urs Fischer, an artist of tangible and NFT works, through the entity Hello Studio LLC for the industrial building at 42 President Street in Columbia Waterfront, Brooklyn and industrial building at 129 Van Brunt Street in Columbia Waterfront, Brooklyn.
The deal closed on December 23, 2021 and was recorded on January 24, 2022.
To finance the purchase, Heights Advisors through the entity 129 Van Brunt Street Owner LLC as borrower signed an acquisition loan with lender Customers Bank valued at $16 million.
Heights Advisors is a Brooklyn-based developer led by Rachel Foster and has developed project such as the 165-unit ground-up development at 211 Crown Street. Urs Fischer is a visual artist. , also known as 267 Rogers Avenue. Legacy Partners is led by Stephen Palmese.
The two properties have 24,933 square feet of built space for a total buildable of 24,933 square feet according to PincusCo analysis of city data. The sale price per built square foot is $646 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 Urs Fischer was Urs Fischer. The signatory for Heights Advisors and Legacy Partners was Rachel Foster.
Prior to this transaction, the buyer Heights Advisors had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Urs Fischer had not purchased any other properties and had not sold any properties over the same time period.
The two properties with a total of 24,933 square feet of built space generated revenue of $447,705 per year or $18 per square foot. The sale price per square foot was $647.

(321845624)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for one of the buildings on January 13, 2021.

In Columbia Waterfront, the bulk, or 39 percent of the 1.5 million square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 23 percent of the space. In sales, Columbia Waterfront has the 42nd highest sale turnover among other neighborhoods in Brooklyn with $16.8 million in sales volume in the last two years. For development, Columbia Waterfront has had very little major development activity relative to other neighborhoods.It had 51,470 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 46 percent of the 73,377 square feet of built space are 1-4 family buildings, with industrial buildings next occupying 39 percent of the space.
FALSE

Direct link to Acris document. link