AB Capstone sells new construction Sunnyside mixed-use building for $23.5M
47-16 Greenpoint Avenue (Credit - Google)
Ganggang Zhao through the entity Hog Sunnyside Multifamily Holding LLC paid $23.5 million to Meir Babaev’s AB Capstone through the entity AB Capstone Development LLC for the 10-unit mixed-use property at 47-16 Greenpoint Avenue in Sunnyside, Queens. To finance the acquisition, Zhao assumed a $13.854 million loan from New York Community Bank, that debt having been assigned by Sterling National Bank based on an original loan of $14 million to AB Capstone.
The deal closed on July 1, 2022 and was recorded on July 15, 2022. The building is divided into two condominium tax lots, one for the commercial space and another for the 10-unit residential rental space.
The signatory for AB Capstone was Meir Babaev. The signatory for Ganggang Zhao was Ganggang Zhao.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Ganggang Zhao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller AB Capstone had not purchased any other properties and sold three properties in two transactions for a total of $36.4 million over the same time period.
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The block
On the tax block of 47-16 Greenpoint Avenue, PincusCo has identified the owners of 11 of the 39 commercial properties representing 78,063 square feet of the 178,834 square feet. The largest owner is AB Capstone, followed by Paul Yang and then Lisa Lou. There are two active new building construction projects totaling 31,477 square feet. The largest is a 10-unit, 20,215-square-foot B building developed by Meir Babaev with plans filed March 23, 2015 and permitted October 5, 2018. The second largest is a 10-unit, 11,262-square-foot R-2 building developed by Jagdeep Deol with plans filed June 13, 2019 and permitted May 18, 2022.
the majority, or 38 percent of the 180,834 square feet of built space are mixed-use buildings, with residential walkup buildings next occupying 37 percent of the space.
The seller
The PincusCo database currently indicates that Ab Capstone owned at least six commercial properties in New York City with 317,173 square feet and a city-determined market value of $32.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 47 percent of the 317,173 square feet of built space are specialty properties, with retail properties next occupying 20 percent of the space. The bulk, or 53 percent of the built space, is in Queens, with Bronx next at 47 percent of the space.
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