Alchemy Ventures pays $4.4M for residential walkup in Cobble Hill

Alchemy Ventures through the entity Keystone 327 Henry LLC paid $4.4 million to Beth Honig through the entity Henry Joseph LLC for eight-unit residential walkup building (C1) at 327 Henry Street in Cobble Hill, Brooklyn.
The deal closed on September 21, 2022 and was recorded on October 27, 2022. The property has 5,800 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $762 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 Beth Honig was Beth Honig. The signatory for Alchemy Ventures was Samuel Kooris.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Alchemy Ventures purchased 32 properties in 30 transactions for a total of $138.3 million and sold three properties in three transactions for a total of $9 million over the past 24 months.
The seller Beth Honig had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Edward Onig, head officer and Al Santana, site manager. The business entity is Henry Joseph Llc.

The property

The 327 Henry Street parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,250 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Cobble Hill Historic District. The city-designated market value for the property in 2022 is $2.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $50 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the 19 commercial properties representing 12,750 square feet of the 114,307 square feet. The two identified owners are Frank Valvo Living Trust and Alchemy Ventures.
there are no active new building construction projects on this tax block.

The majority, or 76 percent of the 99,107 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Alchemy Ventures owned at least 46 commercial properties in New York City with 395,084 square feet and a city-determined market value of $101.7 million. (Market value is typically about 50% of actual value.) The portfolio has $90.4 million in debt, with top three lenders as Fortress Investment Group, Signature Bank, and Citibank respectively. Within the portfolio, the bulk, or 84 percent of the 395,084 square feet of built space are walkup properties, with mixed-use properties next occupying 16 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Manhattan next at 30 percent of the space.

Direct link to Acris document. link