Joseph Banda pays $19M to Joseph Mattone and James Mannix for bankrupt property in Williamsburg

Joseph Banda through the entity 420 Metro LLC paid Joseph Mattone and James Mannix’s 402 Metropolitan Ave LLC $19 million for 416 Metropolitan Avenue in Williamsburg. The deal closed on August 25, 2020, and was recorded on September 10, 2020. The transaction consists of 1 parcel, including the tax class bank building with or without parking (K7). The parcel(s) have total development potential of 52,717 square feet.
The average sale price per square foot is $360.

The property, a development site, was put into Chapter 11 bankruptcy in April 2020 and this sale is a result of that filing. The original contract date was recorded as August 22, 2019.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Joseph Banda