Marco Perez Del Cid pays $5.9M to Juan Perez for mixed-use in East Williamsburg

Marco A. Perez Del Cid through the entity 1081 Per LLC paid $5.9 million to Juan A. Perez through the entity Persam 1081 LLC for mixed-use building (K1) at 1081 Flushing Avenue in East Williamsburg, Brooklyn.
The deal closed on December 13, 2022 and was recorded on January 9, 2023. The property has 8,460 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $697 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 seller bought the property on July 29, 2009, for $2.3 million. The signatory for Juan A. Perez was Juan A. Perez. The signatory for Marco A. Perez Del Cid was Marco A. Perez Del Cid.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Marco A. Perez Del Cid purchased one property in one transaction for a total of $4.1 million and has no record it sold any properties over the past 24 months.
The seller Juan A. Perez had not purchased any other properties and sold one property in one transaction for a total of $4.1 million over the same time period. The 8,460-square-foot property generated revenue of $281,210 or $33 per square foot, according to the most recent income and expense figures.

The property

The 1081 Flushing Avenue parcel has frontage of 65 feet and is 115 feet deep with a total lot size of 4,230 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In East Williamsburg, the majority, or 63 percent of the 16.9 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 10 percent of the space. In sales, East Williamsburg has 1.4 times the average sales volume among other neighborhoods with $477.9 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, East Williamsburg has 1.2 times the average amount of major developments relative to other neighborhoods and is the 14th 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 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 18 commercial properties representing 16,625 square feet of the 97,263 square feet. The two identified owners are Vileyka Lizardo and Juan A. Perez.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 97,263 square feet of built space are mixed-use buildings, with industrial buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Juan A. Perez owned at least three commercial properties in New York City with 55,793 square feet and a city-determined market value of $11.1 million. (Market value is typically about 50% of actual value.) The portfolio has $24.1 million in debt, with top three lenders as Country Bank, Popular Bank, and Tri State Capital Bank respectively. Within the portfolio, the bulk, or 49 percent of the 55,793 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 71 percent of the built space, is in Brooklyn, with Manhattan next at 29 percent of the space.

The buyer

The PincusCo database currently indicates that Marco A. Perez Del Cid owned at least one commercial property in New York City with 6,050 square feet and a city-determined market value of $950,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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