3-unit mixed-use in Greenpoint sells for $3.3M

Kamil Wasilewski through the entity 922 Manhattan Avenue LLC paid $3.3 million for the three-unit mixed-use building (S3) at 922 Manhattan Avenue in Greenpoint, Brooklyn.
The deal closed on December 7, 2023 and was recorded on February 2, 2024. The property has 3,750 square feet of built space and 1,185 square feet of additional air rights for a total buildable of 4,938 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $880 and the price per buildable square foot is $668 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 Kamil Wasilewski was Kamil Wasilewski. The signatory for the seller Mieczylaw Wysmulek was Mieczylaw Wysmulek. The contract date was July 21, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mieczylaw Wysmulek had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The mixed-use building with 3 residential units in Greenpoint has 3,750 square feet of built space and 1,185 square feet of additional air rights for a total buildable of 4,938 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 65 feet deep with a total lot size of 1,646 square feet. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 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 received $1,050 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 Greenpoint, The bulk, or 29 percent of the 23.7 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Greenpoint has 1.9 times the average sales volume among other neighborhoods with $584 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Greenpoint has 2 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 22 of the 33 commercial properties representing 103,668 square feet of the 167,159 square feet. The largest owner is Zofia Madalinski, followed by Jacqueline Patronska and then Andrzej Roth.
On the tax block, there was one new building construction project filed totaling 9,994 square feet. It is a eight-unit, 9,994 square-foot residential (R-2) building submitted by Meir Daus with plans filed May 18, 2022 and permitted March 17, 2023.

The majority, or 44 percent of the 167,159 square feet of built space are walkup buildings, with mixed-use buildings next occupying 42 percent of the space.

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