Randy Polumbo pays $3.8M for likely dev site in East Williamsburg

Randy Polumbo of Plant Construction through the entity 268 Water Street Realty LLC paid $3.8 million to Francesca Montagna through the entity 48-54 Bogart Street LLC for the likely development site composed of four industrial properties from 48 Bogart Street to 54 Bogart Street in East Williamsburg, Brooklyn.
The deal closed on July 17, 2024 and was recorded on July 25, 2024. The four properties have 8,375 square feet of built space and 11,620 square feet of additional air rights for a total buildable of 19,992 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $447 and the price per buildable square foot is $187 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 Francesca Montagna was Francesca Montagna. The signatory for Randy Polumbo was Randy Polumbo. The contract date was June 24, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Randy Polumbo had purchased any other properties and sold one property in one transaction for a total of $4.2 million over the past 24 months.
The seller Francesca Montagna had not purchased any other properties and sold one property in one transaction for a total of $725,000 over the same time period.

The property

The industrial buildings in East Williamsburg have 8,375 square feet of built space and 11,620 square feet of additional air rights for a total buildable of 19,992 square feet according to a PincusCo analysis of city data. The parcels have frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $25 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 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 near average sales volume among other neighborhoods with $267.5 million in sales volume in the last two years and is the 25th highest in Brooklyn. For development, East Williamsburg has 1.2 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.4 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 was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 54 Bogart Street, PincusCo has identified the owners of two of the 22 commercial properties representing 14,500 square feet of the 88,100 square feet. The two identified owners are Maria Garcia As Trustee and Ronald Cohen.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 88,100 square feet of built space are industrial buildings, with mixed-use buildings next occupying 25 percent of the space.

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