Joel Rubin pays $15M to Israel Perlmutter for rental in Williamsburg
Joel Rubin through the entity South 4 Holdings LLC paid $15 million to Israel Perlmutter through the entity South 4 Residence LLC for 20-unit rental (D6) at 120 South 4th Street in Williamsburg, Brooklyn.
The deal closed on July 9, 2021 and was recorded on July 30, 2021.
The property has 26,902 square feet of built space and 0 square feet of additional air rights for a total buildable of 18,108 square feet according to PincusCo analysis of city data. The sale price per built square foot is $556 per the PincusCo analysis.
The owner bought the property on 30-Aug-13, for $11.7 million.
The signatory for Israel Perlmutter was Israel Perlmutter. The signatory for Joel Rubin was Joel Rubin.
(302150231)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 18 residential units on July 23, 2014.
The former owners according to the Department of Housing Preservation and Development included Abe Bernat, head officer and Wilmer Lopez, site manager. The business entity was South 4 Residence LLC.
Within a 400-foot radius of 120 South 4th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit issued on February 5, 2021 for a 64,390-square-foot R-1 building with 216 residential units residential units at 361 Bedford Avenue.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $486,750.0 and one initial temporary certificate of occupancy issuance for a project that initially costed $1.7 million. The most recent of these two items was the temporary certificate of occupancy on March 9, 2020 for a 7,345-square-foot R-2 building with seven residential units at 376 Bedford Avenue.
Of those five items, two were loans above $5 million totaling $46.1 million. The most recent of the two was Meadow Partners which borrowed $40.8 million from Heitman Capital Management secured by the 63,033-square-foot, 41-unit office building (O5) on 109 South 5th Street on February 12, 2021.
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