Sure We Can pays $2.6M for parcel in East Williamsburg

Sure We Can through the entity Swc 219 Owner LLC paid $2.6 million to Otto Perez through the entity Exitoperez LLC for the specialty parcel (Z9) at 219 McKibbin Street in East Williamsburg, Brooklyn. The nonprofit already occupied the space.
The deal closed on March 30, 2023 and was recorded on April 21, 2023. The property has zero square feet of built space and 13,000 square feet of additional air rights for a total buildable of 13,000 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $200 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 Otto Perez was Otto M. Perez. The signatory for Sure We Can was Ryan Castalia. Sure We Can is a nonprofit that supports individuals who collect bottles and cans for recycling. According to its website, it is a “non-profit recycling center, community space and sustainability hub.”

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sure We Can had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Otto Perez had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 90 feet and is 178 feet deep with a total lot size of 13,000 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing

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 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 Williamsburg, The majority, or 62 percent of the 17 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has 1.3 times the average sales volume among other neighborhoods with $449.6 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, East Williamsburg has 1.2 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 23 commercial properties representing 209,958 square feet of the 283,608 square feet. The largest owner is Princeton Real Estate Partners, followed by Moses Zupnick and then Joel Fekete.
On the tax block, there were two new building construction projects totaling 10,928 square feet. The largest is a eight-unit, 6,117 square-foot residential (R-2) building submitted by Michael Zampetti with plans filed June 2, 2014 and permitted November 17, 2015. The second largest is a eight-unit, 4,811 square-foot residential (R-2) building submitted by Max Rosin with plans filed February 24, 2016 and permitted September 17, 2021.

The majority, or 49 percent of the 283,608 square feet of built space are industrial buildings, with elevator buildings next occupying 35 percent of the space.

Direct link to Acris document. link