M&A Projects pays $5.2M to Estate of Krzysztof Rutkowski for four properties in East Williamsburg

M&A Projects through the entity 18 Division Place Corp. paid $5.2 million to Estate of Krzysztof Rutkowski through the entity King Tower Properties, Inc. for industrial building at 18 Division Place in East Williamsburg, Brooklyn, industrial building at 283 Richardson Street in East Williamsburg, Brooklyn, and industrial building at 275 Richardson Street in East Williamsburg, Brooklyn.
The deal closed on January 19, 2022 and was recorded on February 3, 2022.
The four properties have 18,900 square feet of built space and 6,727 square feet of additional air rights for a total buildable of 25,640 square feet according to PincusCo analysis of city data. The sale price per built square foot is $277 and the price per buildable square foot is $204 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 Estate of Krzysztof Rutkowski was Irena Rutkowski. The signatory for M&A Projects was Bogdan Malinowski.

Out of the four properties, three with a total of 18,900 square feet of built space generated revenue of $337,732 per year.

Bogdan Malinowski is the CEO and Founder of M&A Projects Inc. It is located at the same location as buyer LLC.
In East Williamsburg, the majority, or 58 percent of the 17.8 million square feet of built space are industrial buildings, with residential walkup buildings next occupying 9 percent of the space. In sales, East Williamsburg has 1.2 times the average sales volume among other neighborhoods with $335.5 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, East Williamsburg has 1.4 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
On the tax block, the majority, or 48 percent of the 44,415 square feet of built space are 1-4 family buildings, with industrial buildings next occupying 48 percent of the space.
Within a 400-foot radius of 18 Division Place, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Blank Property Group borrowed $15 million from Signature Bank secured by the 3,082-square-foot, two-unit two-family building (B9) on 295 Richardson Street and eight other properties on January 4, 2022.

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