ABJ Properties pays $6.85M to Related for 3 Brooklyn walkups, bought for $10.8M

ABJ Properties paid $6.85 million to Related Companies for three residential walkups in Brooklyn at 32 Garnet Street, 132 Norman Street and 196 Sackett Street in three transactions. Related Companies bought the three buildings in 2015 for $10.8 million.

In the first, ABJ Properties through the entity 32 Garnet LLC paid $2.7 million to Related Companies through the entity Nysandy8 Brooklyn 4 LLC for the eight-unit residential walkup building (C1) at 32 Garnet Street in Carroll Gardens, Brooklyn. The expected use is cash flowing.
The deal closed on July 26, 2024 and was recorded on August 6, 2024. The property has 5,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $540 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 seller bought the property on July 16, 2015, for $4.8 million. The signatory for Related Companies was Matthew Becker. The signatory for ABJ Properties was Benjamin Soleimani. The contract date was July 26, 2024.

In the second, ABJ Properties through the entity 132 Norman LLC paid $2.6 million to Related Companies through the entity Nysandy89 Brooklyn 7 LLC for the eight-unit residential walkup building (C1) at 132 Norman Street in Greenpoint, Brooklyn. The expected use is cash flowing. The deal closed on July 26, 2024 and was recorded on August 6, 2024. The property has 5,500 square feet of built space and 2,528 square feet of additional air rights for a total buildable of 8,028 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $472 and the price per buildable square foot is $323 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 seller bought the property on July 16, 2015, for $3.4 million. The signatory for Related Companies was Matthew Becker. The signatory for ABJ Properties was Benjamin Soleimani. The contract date was July 26, 2024.

In the third, ABJ Properties through the entity 196 Sackett LLC paid $1.6 million to Related Companies through the entity Nysandy8 Brooklyn 8 LLC for the eight-unit residential walkup building (C1) at 196 Sackett Street in Carroll Gardens, Brooklyn. The expected use is cash flowing. The deal closed on July 26, 2024 and was recorded on August 6, 2024. The property has 4,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $344 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 seller bought the property on July 16, 2015, for $2.6 million. The signatory for Related Companies was Matthew Becker. The signatory for ABJ Properties was Benjamin Soleimani. The contract date was July 26, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ABJ Properties purchased nine properties in eight transactions for a total of $27.4 million and has no record it sold any properties over the past 24 months.
The seller Related Companies purchased five properties in three transactions for a total of $14.7 million and sold 12 properties in 11 transactions for a total of $821 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Natasha Davis, agent. The business entities are Simply Better Apartment Homes and Nysandy8 Brooklyn 4 Llc.

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 $100 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 one of the 15 commercial properties representing 5,000 square feet of the 66,112 square feet. The identified owner is Related Companies.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 66,112 square feet of built space are industrial buildings, with mixed-use buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Related Companies owned at least 176 commercial properties with 9,301 residential units in New York City with 21,255,766 square feet and a city-determined market value of $6 billion. (Market value is typically about 50% of actual value.) The portfolio has $5.6 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Pacific Life Insurance Company respectively. Within the portfolio, the bulk, or 44 percent of the 21,255,766 square feet of built space are elevator properties, with office properties next occupying 30 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Bronx next at 23 percent of the space.

The buyer

The PincusCo database currently indicates that ABJ Properties owned at least 88 commercial properties with 1,012 residential units in New York City with 956,923 square feet and a city-determined market value of $143 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 956,923 square feet of built space are walkup properties, with elevator properties next occupying 9 percent of the space. The bulk, or 46 percent of the built space, is in Bronx, with Manhattan next at 36 percent of the space.

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