Urban View Development pays $3.4M in East Williamsburg

Urban View Development Group through the entity 18 Orient Group LLC paid $3.4 million to Karl Larocca for the three-unit building (C0) at 18 Orient Avenue in East Williamsburg, Brooklyn.
The deal closed on December 8, 2022 and was recorded on December 29, 2022. The property has 2,160 square feet of built space and 4,556 square feet of additional air rights for a total buildable of 6,700 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,550 and the price per buildable square foot is $500 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 seller bought the property on January 7, 2005, for $1.1 million. The signatory for Urban View Development Group was Nadav Hamo.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Urban View Development Group purchased two properties in two transactions for a total of $14 million and sold five properties in five transactions for a total of $14.7 million over the past 24 months.
The seller Karl Larocca had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Karl Larocca, individual owner.

The property

The 18 Orient Avenue parcel has frontage of 50 feet and is 71 feet deep with a total lot size of 3,350 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 15,584 square feet of the 37,239 square feet. The identified owner is Astral Weeks.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 37,239 square feet of built space are walkup buildings, with industrial buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Urban View Development Group owned at least 13 commercial properties in New York City with 106,257 square feet and a city-determined market value of $17 million. (Market value is typically about 50% of actual value.) The portfolio has $52.2 million in debt, with top three lenders as Terra Solid Capital, Citibank, and TriState Capital Bank respectively. Within the portfolio, the bulk, or 31 percent of the 106,257 square feet of built space are elevator properties, with specialty properties next occupying 25 percent of the space. The bulk, or 73 percent of the built space, is in Brooklyn, with Manhattan next at 22 percent of the space.

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