Ranco Capital pays $12.5M for 69-unit dev site in Williamsburg

Ranco Capital through the entity 639 Grand Street Realty LLC paid $12.5 million to Charles P. Scaturro through the entity 639 Grand Associates, LLC for the retail building (K1) at 639 Grand Street in Williamsburg, Brooklyn. The expected use is ground up development.

On the lot, there is one active new building construction project, B01248951, for a 69-unit, 54,610 square-foot residential (R-2) building. The project was submitted by Ranco Capital and filed by Joseph Banda with plans filed August 15, 2025 and it has not been permitted yet.
The deal closed on January 7, 2026 and was recorded on February 2, 2026. The property has 9,496 square feet of built space and 26,460 square feet of additional air rights for a total buildable of 36,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,316 and the price per buildable square foot is $347 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 Charles P. Scaturro was Charles P. Scaturro. The signatory for Ranco Capital was Joseph Banda . The contract date was November 21, 2024.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Ranco Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Charles P. Scaturro had not purchased any other properties and sold two properties in one transaction for a total of $14 million over the same time period. The 9,496-square-foot property generated revenue of $324,391 or $34 per square foot, according to the most recent income and expense figures.

The property

The retail building in Williamsburg has 9,496 square feet of built space and 26,460 square feet of additional air rights for a total buildable of 36,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 90 feet and is 100 feet deep with a total lot size of 9,000 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 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 $250 in OATH penalties in the last year.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 6th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Williamsburg is the 2nd most active neighborhood among other neighborhoods. It had 42.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 17,771 square feet of the 73,253 square feet. The largest owner is Superior Management, followed by Charles Scaturro And Sons Inc. Of Sons Inc and then Yong Hui Dong.
On the tax block, there were two new building construction projects totaling 64,535 square feet. The largest is a 69-unit, 54,610 square-foot residential (R-2) building submitted by Ranco Capital and filed by Joseph Banda with plans filed August 15, 2025 and it has not been permitted yet. The second largest is a six-unit, 9,925 square-foot residential (R-2) building submitted by Haim Kedmi with plans filed March 25, 2022 and permitted January 11, 2024.

The majority, or 70 percent of the 73,253 square feet of built space are mixed-use buildings, with retail buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Ranco Capital owned at least four commercial properties with 99 residential units in New York City with 41,614 square feet and a city-determined market value of $5.9 million. (Market value is typically about 50% of actual value.) The portfolio has $53.9 million in debt, with top three lenders as Webster Bank, Parke Bank, and Hanover Community Bank respectively. Within the portfolio, the bulk, or 72 percent of the 41,614 square feet of built space are elevator properties, with walkup properties next occupying 28 percent of the space. They are all located in Brooklyn.

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