Joel Schwartz pays $13.8M to Isaac Dahan for 50-unit dev site in Williamsburg

Joel Schwartz through the entity Berry Emmet LLC paid $13.8 million to Isaac Dahan through the entity 123 Grand LLC for the industrial (E1) at 121 Grand Street, the industrial (F5) at 123 Grand Street, and the industrial (E1) at 228 Berry Street, all in Williamsburg, Brooklyn.
The deal closed on November 15, 2021 and was recorded on December 7, 2021.
The three properties have 9,606 square feet of built space and 20,595 square feet of additional air rights for a total buildable of 30,213 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 $455 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 Isaac Dahan was Isaac Dahan. The signatory for Joel Schwartz was Joel Schwartz.
(B00614702) Plans for a 50-unit, 69,921 square-foot R-2 were filed on October 28, 2021.

Within a 400-foot radius of 228 Berry Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, three were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $3.6 million and one initial temporary certificate of occupancy issuance for a project that initially costed $1.3 million. The most recent of these three items was the permit on June 17, 2021 for a 13,098-square-foot B building with 0 residential units at 107 North 1st Street.
One of those five items was a sale which EDRE Development bought the 4,325-square-foot industrial (E1) on 102 North 1st Street and five other properties for $13 million from Robert Loeffler on June 29, 2021.
One of those five items was a loan which EDRE Development borrowed $8 million from Spruce Capital secured by the 4,325-square-foot, one-unit industrial (E1) on 102 North 1st Street and five other properties on June 29, 2021.

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