Phillip Miller pays $3.2M to Maverick for 8-unit walkup in Williamsburg

Phillip Miller through the entity Monitor Residence LLC paid $3.2 million to Maverick Real Estate Partners through the entity 52 Monitor Street Lender LLC for the eight-unit residential walkup building (C1) at 52 Monitor Street in Williamsburg, Brooklyn.
The deal closed on June 1, 2023 and was recorded on June 7, 2023. The property has 6,875 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $472 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 Maverick Real Estate Partners was Edward Martell. The signatory for Phillip Miller was Phillip Miller. Phillip Miller is identified as member on loan documents.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Phillip Miller purchased one property in one transaction and sold three properties in three transactions for a total of $10.6 million over the past 24 months.
The seller Maverick Real Estate Partners purchased three properties in three transactions for a total of $109.2 million and sold three properties in three transactions for a total of $6.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Aviram, head officer and Jose Ochoa, site manager. The business entities are Kinsey Equities Llc and 52 Monitor Street Lender Llc.

The property

The residential walkup building with 8 residential units in Williamsburg has 6,875 square feet of built space according to a PincusCo analysis of city data. 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 R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.3 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 $300 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 11, 2020. 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 five of the 15 commercial properties representing 27,423 square feet of the 88,682 square feet. The largest owner is Salvatore Gargano, followed by Domenico D\’Amato and then David Grunfeld.
On the tax block, there was one new building construction project filed totaling 4,976 square feet. It is a seven-unit, 4,976 square-foot residential (R-2) building submitted by Luke Gorz with plans filed April 13, 2020 and it has not been permitted yet.

The majority, or 64 percent of the 88,682 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

The buyer

The PincusCo database currently indicates that Phillip Miller owned at least 16 commercial properties with 93 residential units in New York City with 75,141 square feet and a city-determined market value of $16.4 million. (Market value is typically about 50% of actual value.) The portfolio has $5.3 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 90 percent of the 75,141 square feet of built space are walkup properties, with elevator properties next occupying 10 percent of the space. They are all located in Brooklyn.

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