Robert Li pays $25.5M to RedSky, Terra Capital for 20-unit rental in Williamsburg

Robert Li through the entity Core Driggs LLC paid $25.5 million to Terra Capital Partners through the entity Rs Jz Driggs LLC for the 20-unit rental at 658 Driggs Avenue in Williamsburg, Brooklyn.
The deal closed on May 27, 2022 and was recorded on June 17, 2022. The sale was composed of three commercial condominium units.
The signatory for Terra Capital Partners was Gregory Pinkus. The signatory for Robert Li was Robert Li. Robert Li signed on the acquisition loan as an individual.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 658 Driggs Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Robert Li purchased one properties in one transactions for a total of $7.8 million and sold two properties in one transactions for a total of $20.5 million over the past 24 months.
The seller Terra Capital Partners had not purchased any other properties and had not sold any properties over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 658 Driggs Avenue, PincusCo has identified the owners of six of the 15 commercial properties representing 65,107 square feet of the 143,407 square feet. The largest owner is John Hermanowski, followed by Michael Gut and then Gemini Rosemont. There are two active new building construction projects totaling 68,782 square feet. The largest is a 59-unit, 49,802-square-foot R-2 building developed by Brian Ferrier with plans filed April 3, 2020 and permitted August 19, 2021. The second largest is a 20-unit, 18,980-square-foot R-2 building developed by RedSky Capital with plans filed June 16, 2017 and permitted September 12, 2018.

The majority, or 47 percent of the 160,407 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 25 percent of the space.

Surrounding

Within a 400-foot radius of 658 Driggs Avenue, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on August 19, 2021 for a 49,802-square-foot R-2 building with 59 residential units at 171 North 1st Street.
One of those nine items was a sale which Andre Krassimirov Andreev bought the 3,700-square-foot, two-unit mixed-use building (S1) on 663 Driggs Avenue for $5.4 million from Alexander M. Hamilton and Linnae Hamilton on March 21, 2022.
Of those nine items, six were loans above $5 million totaling $143.7 million. The most recent of the six was Gemini Rosemont which borrowed $34.8 million from East West Bank secured by the 13,860-square-foot industrial (F5) on 169 North 1st Street on June 6, 2022.

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