Williamsburg Charter High School pays $4.2M in East Williamsburg

Williamsburg Charter High School through the entity Wchs LLC paid $4.2 million to Anthony Vasso through the entity Varet Street Holdings LLC for industrial building at 188 Varet Street in East Williamsburg, Brooklyn.
The deal closed on February 10, 2022 and was recorded on March 1, 2022.
The property has 6,972 square feet of built space and 3,050 square feet of additional air rights for a total buildable of 10,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $602 and the price per buildable square foot is $420 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 Anthony Vasso was Anthony Vasso. The signatory for Williamsburg Charter High School was Lourdes Rivera-Putz.
Prior to this transaction, the buyer Williamsburg Charter High School had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Anthony Vasso had not purchased any other properties and had not sold any properties over the same time period.
The 6,972-square-foot property generated revenue of $186,084 or $27 per square foot, according to the most recent income and expense figures.

In East Williamsburg, the majority, or 58 percent of the 17.8 million square feet of built space are industrial buildings, with residential walkup buildings next occupying 9 percent of the space. In sales, East Williamsburg has 1.2 times the average sales volume among other neighborhoods with $335.5 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, East Williamsburg has 1.4 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Brooklyn. It had 1.3 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.
On the tax block, the majority, or 39 percent of the 301,248 square feet of built space are specialty buildings, with industrial buildings next occupying 37 percent of the space.

Within a 400-foot radius of 188 Varet Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $54.1 million. The most recent of the three was Meyer Teichman which borrowed $7.4 million from Signature Bank secured by the 25,875-square-foot, 33-unit office building (O5) on 199 Cook Street on August 31, 2020.

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