RYL Group pays $8M for Williamsburg development site where Cayuga planned 26 units
RYL Group through the entity 28 Herbert Street Dev LLC paid $8 million to Zachava Zicherman through the entity 28 Herbert Street LLC for the development site (V1) at 28 Herbert Street in Williamsburg, Brooklyn.
On the lot, there was one new building construction project filed for a 26-unit, 26,022 square-foot residential (R-2) building. The project was submitted by Cayuga Capital Management and filed by James Wiseman with plans filed November 9, 2017 and it has not been permitted yet.
To finance the development, RYL Group through the entity 28 Herbert Street Dev LLC as borrower signed a new construction loan with lender SME Capital Ventures through the entity 28 Herbert Capital LLC valued at $16 million for the development building (V1) at 28 Herbert Street in Williamsburg, Brooklyn.
The property sale deal closed on November 21, 2022 and was recorded on December 19, 2022.
The property
The parcel has frontage of 88 feet and is 89 feet deep with a total lot size of 6,735 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $775,000.
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 $3,750 in ECB penalties and $4,410 in OATH penalties in the last year.
The neighborhood
In Williamsburg, The bulk, or 39 percent of the 50 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 $2.1 billion in sales volume in the last two years. For development, Williamsburg is the 7th most active neighborhood among other neighborhoods. It had 5 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of two of the nine commercial properties representing 11,400 square feet of the 28,065 square feet. The two identified owners are Tony Dipiazza and Joel Lee Kulp.
On the tax block, there was one new building construction project filed totaling 26,022 square feet. It is a 26-unit, 26,022 square-foot residential (R-2) building submitted by Cayuga Capital Management and filed by James Wiseman with plans filed November 9, 2017 and it has not been permitted yet.
The majority, or 43 percent of the 28,065 square feet of built space are mixed-use buildings, with walkup buildings next occupying 27 percent of the space.
Direct link to Acris document. link