Unicorp National Developments sells possible dev site in Brownsville for $11.2M

The entity 1132 Holding LLC in care of the law firm Menicucci Villa Panzella Calcagno, paid $11.2 million to Unicorp National Developments through the entity W 16 East New York, LLC for the retail building (K1) at 1134 East New York Avenue in Brownsville, Brooklyn and adjacent parking lot (G7) at 1132 East New York Avenue in Brownsville, Brooklyn. The expected use ground up development. The parcel was most recently occupied by an Associated Supermarket, which closed in approximately June 2025.

Marketing material from Douglas Elliman says, “The site spans 0.68 acres across two contiguous lots, with C8-2 zoning for the former Walgreens building and R6 zoning for the expansive parking area—unlocking a wide range of redevelopment possibilities.Walgreens currently occupies the site under a NNN lease with 12 years remaining, generating $720,000 in annual income. The property can be delivered vacant at closing or as-is with the lease in place, offering flexibility for both investors and developers.”

The deal closed on November 21, 2025 and was recorded on December 3, 2025. The two properties have 12,173 square feet of built space and 53,822 square feet of additional air rights for a total buildable of 66,025 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $920 and the price per buildable square foot is $169 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 Unicorp National Developments was Charles Whittall . The contract date was September 14, 2021.

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 1134 East New York Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Menicucci Villa Panzella Calcagno registered had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Unicorp National Developments had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 12,173 square feet of built space generated revenue of $731,088 per year.

The property

The retail building in Brownsville has 12,173 square feet of built space and 53,822 square feet of additional air rights for a total buildable of 66,025 square feet according to a PincusCo analysis of city data. The parcel has frontage of 111 feet and is 102 feet deep with a total lot size of 12,580 square feet. The lot is irregular. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $7.3 million.

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 received $2,350 in OATH penalties 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 Brownsville, The bulk, or 46 percent of the 28.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has had very little sales volume relative to other neighborhoods with $173.3 million in sales volume in the last two years. For development, Brownsville has near average amount of major developments among other neighborhoods and is the 8th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 1134 East New York Avenue, PincusCo has identified the owners of three of the 16 commercial properties representing 14,873 square feet of the 81,431 square feet. The two identified owners are Mazem A. Dayem and John B. Conigliaro.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 81,431 square feet of built space are mixed-use buildings, with hotel buildings next occupying 27 percent of the space.

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