Louis Renzo pays $6.2M for 7-unit rental in Williamsburg

Louis Renzo through the entity 175 Skillman Realty LLC paid $6.2 million to Anthony Caponigro through the entity Skillman Arms LLC for seven-unit rental (C1) at 175 Skillman Avenue in Williamsburg, Brooklyn.
The deal closed on November 19, 2021 and was recorded on December 13, 2021.
The property has 4,988 square feet of built space for a total buildable of 5,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,237 and the price per buildable square foot is $1,235 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 Anthony Caponigro was Anthony Caponigro. The signatory for Louis Renzo was Louis Renzo.
(320444550)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 7 residential units on January 27, 2020. (320444550) Plans for a 7-unit, 4,988 square-foot R-2 were filed on March 5, 2012 and were permitted on February 16, 2017.
The owners according to the Department of Housing Preservation and Development includes Frank Palmeri, head officer and Anthonyh Caponigro, officer. The business entity is Skillman Arms Llc.

Within a 400-foot radius of 175 Skillman Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on September 8, 2020 for the $288,000 renovation of a R-2 building with five residential units at 150 Jackson Street.
One of those three items was a sale which St. Nicks Alliance bought the 4,125-square-foot, six-unit rental (C2) on 178 Jackson Street and 10 other properties for $5.3 million from National Equity Fund on January 6, 2021.
One of those three items was a loan which Joel Schwartz borrowed $11.7 million from Citibank secured by the 5,363-square-foot, seven-unit rental (C1) on 178 Skillman Avenue and one other property on September 11, 2020.

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