Sandy Pena pays $2.2M for industrial parcels in East New York

Sandy Pena through the entity Sand 1796 Realty Corporation paid $2.2 million to Arthur Argentina and Richard Argentina through the entity Argentina Brothers Realty Corp. for the industrial building (G2) at 737 Williams Avenue, 1796 Linden Boulevard, 1814 Linden Boulevard, and others in East New York, Brooklyn.
The deal closed on September 5, 2023 and was recorded on October 10, 2023. The seven properties have 1,956 square feet of built space and 25,131 square feet of additional air rights for a total buildable of 27,077 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,124 and the price per buildable square foot is $81 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 Arthur Argentina and Richard Argentina was Sonnia Torres. The signatory for Sandy Pena was Sandy Pena. The contract date was June 26, 2023.

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 737 Williams Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sandy Pena had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Arthur Argentina had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in East New York has 1,956 square feet of built space and 25,131 square feet of additional air rights for a total buildable of 27,077 square feet according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 21 feet deep with a total lot size of 2,093 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 $310,000.

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 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 $1 million on this tax lot.

The neighborhood

In East New York, The bulk, or 40 percent of the 44.5 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 2.6 times the average sales volume among other neighborhoods with $915.4 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, East New York is the 6th most active neighborhood among other neighborhoods. It had 4.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On the tax block of 737 Williams Avenue, PincusCo has identified the owners of one of the 12 commercial properties representing zero square feet of the 1,956 square feet. The identified owner is City of New York.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 1,956 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

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