Steel Equities pays $18.2M to Princeton Real Estate for property in East Williamsburg

Steel Equities through the entity Steel 121 Morgan LLC paid Princeton Real Estate’s 121 Morgan Holdings LLC $18.2 million for 121 Morgan Avenue in East Williamsburg. The deal closed on December 31, 2020 and was recorded on February 1, 2021. The transaction consists of 1 parcel, including the tax class miscellaneous warehouse (E9)The property is 44,660 square feet. The parcel(s) have total development potential of 44,660 square feet.
The average sale price per square foot is $406.

The contract date was December 29, 2020. Bruman Realty sold 50 percent of the ownership entity to Steel Equities, PincusCo reported last month. The last time the property sold was January 21, 2015 for $12,800,000.  Simultaneously with the purchase, the outstanding loans were paid off. Joeseph Tabak signed for the seller and Joseph Lostritto of Steel for the buyer.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,500,000.0. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $831,983.

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