Peter Volandes pays $19.2M to Hudson Companies for retail in East Williamsburg, was $27.8M in 2016

Peter Volandes through the entity Tri Jay Owner LLC paid $19.2 million to Hudson Companies through the entity Sandy Scholes LLC for the office and retail building (O5) at 314 Scholes Street in East Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on March 6, 2025 and was recorded on March 18, 2025. The property has 85,897 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $224 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 August 30, 2016, for $27.8 million. The signatory for Hudson Companies was David Kramer . The signatory for Peter Volandes was Peter Volandes. The contract date was October 17, 2024. Peter Volandes is a principal of Volmar Construction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Peter Volandes had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hudson Companies had not purchased any other properties and had not sold any properties over the same time period. The 85,897-square-foot property generated revenue of $3.6 million or $42 per square foot, according to the most recent income and expense figures.

The property

The retail building in East Williamsburg has 85,897 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 221 feet and is 204 feet deep with a total lot size of 48,440 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 $14.5 million. The most recent loan totaled $28 million and was provided by Ladder Capital on August 6, 2021.

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 $12,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 16, 2019. On the lot, there is one active major alteration construction project, 321195069, for a 82,204 square-foot B building. The project was submitted by Sally Gilliland with plans filed August 26, 2016 and permitted September 8, 2017.

The neighborhood

In East Williamsburg, The majority, or 62 percent of the 17.1 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has 1.3 times the average sales volume among other neighborhoods with $359.3 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, East Williamsburg has 1.8 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 120,705 square feet of the 143,405 square feet. The two identified owners are Hudson Companies and C&Z Realty.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 143,405 square feet of built space are retail buildings, with industrial buildings next occupying 40 percent of the space.

The seller

The PincusCo database currently indicates that Hudson Companies owned at least 64 commercial properties with 2,871 residential units in New York City with 2,898,897 square feet and a city-determined market value of $322.3 million. (Market value is typically about 50% of actual value.) The portfolio has $976.8 million in debt, with top three lenders as MLN Partners, CitiBank, and Webster Bank respectively. Within the portfolio, the bulk, or 60 percent of the 2,898,897 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Bronx next at 8 percent of the space.

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