Joel Schwartz affiliate pays $4.2M for dev site in Williamsburg

The Joel Schwartz affiliate 168 North 10 St LLC paid $4.2 million to Joanna Sidibe for industrial (G2) at 168 North 10th Street in Williamsburg, Brooklyn.
The deal closed on November 8, 2021 and was recorded on December 2, 2021.
The property has 2,935 square feet of built space and 8,407 square feet of additional air rights for a total buildable of 11,361 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,431 and the price per buildable square foot is $369 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 Joanna Sidibe was Joanna Sidibe. The signatory for 168 North 10 St LLC was Joel Schwartz.
(321599631) Plans for an 8-unit, 5,393 square-foot R-2 were filed on January 12, 2021.
The contract date was February 18, 2020.

Within a 400-foot radius of 168 North 10th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on July 6, 2021 for the $399,978 renovation of 5,800-square-foot COM building with 0 residential units at 132 Bedford Avenue.
Of those seven items, two were sales above $5 million totaling $160.8 million. The most recent of the two was L3 Capital which bought the 2,510-square-foot, one-unit mixed-use building (K2) on 132 Bedford Avenue and 13 other properties for $145 million from RedSky Capital on January 8, 2021.
Of those seven items, four were loans above $5 million totaling $144.6 million. The most recent of the four was David Manheimer which borrowed $5.5 million from Derby Copeland Capital secured by the 6,735-square-foot, seven-unit mixed-use building (S5) on 116 Bedford Avenue on January 25, 2021.

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