Williamsburg church pays $3.3M for 3-family in Williamsburg

New Beginnings Church of Williamsburg paid $3.3 million for the three-unit building (C0) at 465 Humboldt Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on January 9, 2025 and was recorded on January 29, 2025. The property has 2,241 square feet of built space and 130 square feet of additional air rights for a total buildable of 2,366 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,483 and the price per buildable square foot is $1,405 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 Giuseppe Morena and Rocco DePaola was Giuseppe Morena and Rocco DePaola. The signatory for New Beginnings Church of Williamsburg was Jaime Zelaya. The contract date was January 10, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer New Beginnings Church of Williamsburg had purchased any other properties and sold one property in one transaction for a total of $4.3 million over the past 24 months.
The seller Giuseppe Morena had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Rocco Depaola, individual owner and Rocco De Apola, site manager.

The property

The building with 3 residential units in Williamsburg has 2,241 square feet of built space and 130 square feet of additional air rights for a total buildable of 2,366 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 50 feet deep with a total lot size of 1,183 square feet. 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 $2.3 million.

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 block

On this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 11,400 square feet of the 85,539 square feet. The largest owner is Angelo Lomonte -Trustee, followed by John Marino and then Michael Gibson.
On the tax block, there was one new building construction project filed totaling 3,089 square feet. It is a five-unit, 3,089 square-foot residential (R-2) building submitted by Michele Ianniciello with plans filed January 12, 2023 and it has not been permitted yet.

The majority, or 52 percent of the 85,539 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

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