Joel Schwartz in contract to buy dev site from Moses Guttman in Williamsburg

Joel Schwartz through the entity 55 Borinquen Place LLC is in contract to pay an undisclosed amount to Moses Guttman through the entity Williamburg Triangle LLC for the development site at 45 Borinquen Place in Williamsburg, Brooklyn.
The deal closed on January 21, 2022 and was recorded on January 28, 2022.
The property has 0 square feet of built space and 9,097 square feet of additional air rights for a total buildable of 9,097 square feet according to PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $0 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 Moses Guttman was Moses Guttman. The signatory for Joel Schwartz was Joel Schwartz.
Prior to this transaction, the buyer Joel Schwartz purchased 17 properties in 12 transactions for a total of $66.3 million and sold three properties in three transactions for a total of $31 million over the past 24 months.
The seller Moses Guttman had not purchased any other properties and sold one properties in one transactions for a total of 0.0 over the same time period.
(320917166) Plans for a 3-unit, 2,783 square-foot R-2 were filed on May 14, 2014.
The memorandum of contract was executed January 22, 2022, and the closing is set for one or before March 21, 2022. A hard deposit has been made. The sale price and deposit amount were not disclosed.
In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
On the tax block, the majority, or 32 percent of the 226,102 square feet of built space are walkup buildings, with residential elevator buildings next occupying 25 percent of the space.
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