Witnick Real Estate Partners pays $6.9M for 21-unit rental in Windsor Terrace

Witnick Real Estate Partners through the entity 20 Terrace Partners LLC paid $6.9 million to John Scarpinito through the entity Terrace Place Realty LLC for the 21-unit residential elevator building (D9) at 20 Terrace Place in Windsor Terrace, Brooklyn. The expected use is cash flowing.
The deal closed on November 19, 2025 and was recorded on December 15, 2025. The property has 16,920 square feet of built space and 2,480 square feet of additional air rights for a total buildable of 19,375 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $407 and the price per buildable square foot is $356 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 John Scarpinito was Prudence Scarpinito . The signatory for Witnick Real Estate Partners was Isaac Abraham . The contract date was September 27, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Witnick Real Estate Partners purchased four properties in four transactions for a total of $74.8 million and sold one property in one transaction for a total of $18 million over the past 24 months.
The seller John Scarpinito 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 Joseph Scarpinito, head officer. The business entity is Terrace Place Realty Llc. The 16,920-square-foot property generated revenue of $1.2 million or $69 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 21 residential units in Windsor Terrace has 16,920 square feet of built space and 2,480 square feet of additional air rights for a total buildable of 19,375 square feet according to a PincusCo analysis of city data. The parcel has frontage of 156 feet and is 100 feet deep with a total lot size of 15,500 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.4 million. The property has 9 rent regulated units according to city tax records from 2024.

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 received $2,150 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 block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 16,920 square feet of the 16,920 square feet. The two identified owners are Joseph Scarpinito and Samantha Marks Young.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 16,920 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that John Scarpinito owned at least one commercial property with 33 residential units in New York City with 32,928 square feet and a city-determined market value of $9.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Witnick Real Estate Partners owned at least 40 commercial properties with 873 residential units in New York City with 670,698 square feet and a city-determined market value of $176.5 million. (Market value is typically about 50% of actual value.) The portfolio has $184.4 million in debt, with top three lenders as Arbor Realty Trust, Dime Community Bank, and Webster Bank respectively. Within the portfolio, the bulk, or 61 percent of the 670,698 square feet of built space are walkup properties, with elevator properties next occupying 39 percent of the space. The bulk, or 42 percent of the built space, is in Manhattan, with Brooklyn next at 38 percent of the space.

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