Artist pays $4.5M for industrial in Greenpoint

The artist Wade Guyton through the entity Sigurdsson Baldur LLC paid $4.5 million through an estate sale to Omar Peralta through the entity M.E.L. Realty Corp for the industrial building (F5) at 66 Dobbin Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on December 12, 2024 and was recorded on December 23, 2024. The property has 5,000 square feet of built space for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $900 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 Omar Peralta was Ivette Peralta. The signatory for Wade Guyton was Evan Sarzin. The contract date was October 31, 2024. Wade Guyton is an artist.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Wade Guyton had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Omar Peralta had not purchased any other properties and had not sold any properties over the same time period. The 5,000-square-foot property generated revenue of $110,214 or $22 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Greenpoint has 5,000 square feet of built space for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $608,000.

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 $1,200 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 neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has 2.5 times the average sales volume among other neighborhoods with $650 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 1.6 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 16 commercial properties representing 101,226 square feet of the 154,576 square feet. The largest owner is Kalmon Dolgin Affiliates, followed by Jan Myszka and then Robbin Ami Silverberg.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 154,576 square feet of built space are mixed-use buildings, with industrial buildings next occupying 41 percent of the space.

The buyer

The PincusCo database currently indicates that Wade Guyton owned at least one commercial property in New York City with 21,844 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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