$7M contract signed for Williamsburg 12-unit, mixed-use walkup

An anonymous buyer signed a contract to purchase the 12-unit, mixed-use walkup 272 Grand Street in Williamsburg, Brooklyn, for $7.05 million from Grand Mazel LLC, an entity controlled by Global Poly Ltd., according to bankruptcy court records. In 2015 loan documents, Lipa Teitelbaum signed as the president of Global Poly. The four-story, 13,200-square-foot mixed-use building has 12 apartments and 2 commercial units, and sits on a 50-foot-wide, 3,850-square-foot lot, one parcel from the corner.

The contract status was disclosed Friday when the expected buyer, also known as a contract vendee, H&H 272 Grand LLC, filed a bankruptcy petition in U.S. Bankruptcy Court in Brooklyn, in an effort to preserve its rights to close on the purchase of the property, according to the filing. That’s because the buyer “needed additional time” and did not want to lose either the contract or the $500,000 deposit, the filing said. That case was in the process of being settled over the weekend with an extension of the contract, said David Goldwasser of FIA Capital Partners, which is a manager of the buying entity.

PincusCo could not determine who were the individual members of the buying entity, and Goldwasser declined to disclose who they were.

The entity filed the petition on the last day the contract was valid, April 1, because it could not close and wanted to preserve the contract and its rights to its $500,000 deposit.

According to the petition, “The Property is currently owned by Grand Mazel, LLC (‘Seller’). The Debtor and Seller entered into the Contract of Sale (‘Contract’) to sell the Property for a purchase price of $7,050,000. The Contract had a closing date of March 1, 2022. On March 2, 2022 the seller served the Debtor with a notice setting April 1, 2022 as the new closing date with the closing date being ‘time of the essence.’ The Debtor’s filing was precipitated by the Debtor’s need for additional time to consummate the Contract with the Seller and avoid defaulting on the Contract and losing its right to purchase the Property and its $500,000 contract deposit.”

Direct link to Acris document. link