Treetop pays $2.2M to Knoll family for rental in Williamsburg

Treetop Development through the entity 376 South 1 LLC paid $2.2 million to Morris Knoll Irrevocable Trust and Paula Knoll Gold Family Irrevocable Trust for the nine-unit rental (C1) at 376 South 4th Street in Williamsburg, Brooklyn.
The deal closed on December 8, 2021 and was recorded on December 30, 2021.
The property has 6,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $361 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 Morris Knoll Irrevocable Trust and Paula Knoll Gold Family Irrevocable Trust was Morris Joseph Knoll, Daniel Nathan Knoll, Yosefa Knoll, Charles Knoll, Yael Guttman, Paula Knoll Gold, and Amanda Weisenfeld. The signatory for Treetop Development was Adam Mermelstein.

Adam Mermelstein is the principal of Treetop Development.
The former owners according to the Department of Housing Preservation and Development includes Morris Knoll, head officer and Daniel Knoll, officer. The business entity was Morris Knoll Family Irrevocable Trust.
Within a 400-foot radius of 376 South 4th Street,, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $638,145. The most recent of these two items was the filing on July 9, 2021 for a 4,405-square-foot R-2 building with six residential units at 384 South 5th Street.
Of those eight items, two were sales above $5 million totaling $18.3 million. The most recent of the two was Denali Management which bought the 23,292-square-foot, 34-unit rental (C7) on 319 Hooper Street for $7.8 million from Knoll family on December 29, 2021.
Of those eight items, four were loans above $5 million totaling $32.2 million. The most recent of the four was Denali Management which borrowed $5.8 million from JPMorgan Chase Bank secured by the 23,292-square-foot, 34-unit rental (C7) on 319 Hooper Street on December 29, 2021.

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