Amy Bennett pays $6.75M for mixed-use in Fort Greene her wine store occupies

Amy Bennett, owner of the Greene Grape wine store, paid $6.75 million to Phillip Myers for two mixed-use buildings in Fort Greene in two separate transactions. The Greene Grape already occupies the spaces as a tenant.

This transaction is another example of a user buying a building, a trend that has increased with the rise in interest rates.

In the first, Amy Bennett through the entity Super Sloth, LLC paid $3.375 million to Phillip Myers for the two-unit mixed-use building (S2) at 769 Fulton Street in Fort Greene, Brooklyn.
The deal closed on February 17, 2023 and was recorded on March 2, 2023.The property has 2,700 square feet of built space and 3,700 square feet of additional air rights for a total buildable of 6,408 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,250 and the price per buildable square foot is $526 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.)

Amy Bennett through the entity Super Sloth, LLC paid $3.375 million to Phillip Myers through the entity Myers, Phillip for two-unit mixed-use building (S2) at 767 Fulton Street in Fort Greene, Brooklyn. The deal closed on February 17, 2023 and was recorded on March 2, 2023.The property has 2,700 square feet of built space and 3,048 square feet of additional air rights for a total buildable of 5,752 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,250 and the price per buildable square foot is $586 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 Phillip Myers was Phillip Myers. The signatory for Amy Bennett was Amy S. Bennett.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Amy Bennett had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Phillip Myers had not purchased any other properties and had not sold any properties over the same time period.

The property

The 769 Fulton Street parcel has frontage of 20 feet and is 79 feet deep with a total lot size of 1,602 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 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 two DOB violations, $6,250 in ECB penalties, and $6,250 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 neighborhood

In Fort Greene, the bulk, or 28 percent of the 11.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 25 percent of the space. In sales, Fort Greene has 1.7 times the average sales volume among other neighborhoods with $589 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Fort Greene has 2.3 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space. There were two 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 three of the 17 commercial properties representing 11,149 square feet of the 50,703 square feet. The largest owner is William P. Farmer, followed by Paul Philippe and then Leonard Rutkowitz.
On the tax block, there was one new building construction project filed totaling 5,400 square feet. It is a six-unit, 5,400-square-foot R-2 building developed by Gardel Prudent with plans filed April 4, 2022 and it has not been permitted yet.

The majority, or 81 percent of the 50,703 square feet of built space are mixed-use buildings, with elevator buildings next occupying 19 percent of the space.

Direct link to Acris document. link