Pir Granoff pays $4.8M to EcoRise for 7-unit elevator building in Williamsburg
Pir Granoff through the entity 161 Roebling Owner LLC paid $4.8 million to EcoRise Development through the entity 161 Roebling Street LLC for seven-unit residential elevator building at 161 Roebling Street in Williamsburg, Brooklyn.
The deal closed on January 7, 2022 and was recorded on January 19, 2022.
The property has 6,245 square feet of built space according to PincusCo analysis of city data. The sale price per built 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 8, 2008, for $1.3 million.
The signatory for EcoRise Development was Cynthia Schlegel. The signatory for Pir Granoff was Pir Granoff.
Prior to this transaction, the buyer Pir Granoff had not purchased any other properties and had not sold any properties over the past 24 months.
The seller EcoRise Development purchased two properties in two transactions for a total of $46.2 million and had not sold any properties over the same time period.
The 6,245-square-foot property generated revenue of $147,694 or $24 per square foot, according to the most recent income and expense figures.
(310105748) Plans for a 7-unit, 4,987 square-foot R-2 were filed on March 11, 2008 and were permitted on May 6, 2009.
Cynthia Schlegel is a co-founder of EcoRise.
In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 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. There were three pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 48 percent of the 100,374 square feet of built space are mixed-use buildings, with residential walkup buildings next occupying 29 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Michael Schlegel, head officer and Cynthia Schlegel, shareholder. The business entity was 161 Roebling Street Llc.
Within a 400-foot radius of 161 Roebling Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was in new building development. It was a new building permit issued on March 3, 2020 for a 12,960-square-foot R-2 building with 10 residential units at 340 Metropolitan Avenue.
Of those eight items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $495,800 and one initial temporary certificate of occupancy issuance for a project that initially costed $1 million. The most recent of these two items was the permit on June 23, 2021 for a 4,958-square-foot R-2 building with five residential units at 163 Roebling St.
Of those eight items, three were sales above $5 million totaling $98.9 million. The most recent of the three was Calmwater Capital which bought the 104,661-square-foot, 52-unit rental (D2) on 143 Roebling Street for $82.7 million from RedSky Capital on January 14, 2022.
Of those eight items, two were loans above $5 million totaling $12.1 million. The most recent of the two was Adam J. Semler which borrowed $7 million from Dime Community Bank secured by the 14,016-square-foot, nine-unit mixed-use building (S9) on 233 South 1st Street on November 30, 2021.
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