Robert Li pays $7.8M to Joanna Skalski for mixed-use in Williamsburg

Robert Li through the entity 200-202 Realty LLC paid $7.8 million to Joanna Skalski through the entity Crystal Carousel, Inc. for the three-unit mixed-use building at 182 Bedford Avenue in Williamsburg, Brooklyn.
The deal closed on May 6, 2022 and was recorded on June 13, 2022. The property has 4,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,950 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.)

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Joanna Skalski, head officer. The business entity is Crystal Carousel. The 4,000-square-foot property generated revenue of $124,040 or $31 per square foot, according to the most recent income and expense figures.

The property

The 182 Bedford Avenue parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 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 $1.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $1,600 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 $5 million on this tax lot.

The neighborhood

In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of commercial 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 seven pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 19 commercial properties representing 58,249 square feet of the 112,402 square feet. The largest owner is Jerry Lebedowicz, followed by L3 Capital and then Simon Schischa. There is one active new building construction project totaling 25,125 square feet. It is a 25,125-square-foot retail (M) building developed by Domenic Lanni with plans filed August 23, 2021 and it has not been permitted yet.

The majority, or 36 percent of the 132,588 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 24 percent of the space.

Surrounding

Within a 400-foot radius of 182 Bedford Avenue, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, one was in new building development. It was a new building permit application filed on August 23, 2021 for a 16,750-square-foot M building at 184 Bedford Avenue.
Of those 13 items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $675,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $1.1 million. The most recent of these two items was the permit on July 28, 2021 for a 6,462-square-foot M building with zero residential units at 136 North 6th Street.
Of those 13 items, three were sales above $5 million totaling $170.8 million. The most recent of the three was Namdar Realty Group which bought the 10,150-square-foot, 18-unit rental (C7) on 191 Bedford Avenue for $5.3 million from Rafael Serrano on January 18, 2022.
Of those 13 items, seven were loans above $5 million totaling $178.7 million. The most recent of the seven was GFI Capital Resources Group which borrowed $17.2 million from Metropolitan Commercial Bank secured by two condo units in the 19,263-square-foot, 44-unit mixed-use building (RM) on 144 North 8th Street on June 7, 2022.

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