Norbil Trust Co. pays $5.8M for 8-unit walkup in Williamsburg
69 Havemeyer Street (Credit - Google)
The Japanese company Norbil Trust Co. through the entity Norbil Investment paid $5.8 million to Marimo Co., Ltd. for the eight-unit residential walkup building (C1) at 69 Havemeyer Street in Williamsburg, Brooklyn.
The deal closed on July 27, 2023 and was recorded on August 15, 2023. The property has 5,500 square feet of built space and 1,999 square feet of additional air rights for a total buildable of 7,497 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,059 and the price per buildable square foot is $776 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 January 14, 2020, for $5.8 million.
The property
The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.6 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $325 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 10,420 square feet of the 16,180 square feet. The largest owner is Christopher Giancola, followed by Colorado Stark and then Ryoichi Sakagawa.
There are no active new building construction projects on this tax block.
The majority, or 64 percent of the 16,180 square feet of built space are walkup buildings, with mixed-use buildings next occupying 30 percent of the space.
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