Artist pays $6.8M for two industrial properties in Greenwood Heights

An artist through the entity AJR Studio LLC paid $6.8 million to Donald Schoenholt through the entity Coffee Plant Realty, L.P. for the industrial building (E1) at 150 and 158 19th Street in Greenwood Heights, Brooklyn. The expected use is owner-occupied.
The deal closed on January 15, 2025 and was recorded on February 5, 2025. The two properties have 12,380 square feet of built space and 12,387 square feet of additional air rights for a total buildable of 24,774 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $549 and the price per buildable square foot is $274 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 Donald Schoenholt was Donald Schoenholt, of the Gillies Coffee Company. The signatory for the buyer was Anthony Michaels. The contract date was September 30, 2024. The buyer entity is affiliated with artist Dana Schutz and Ryan Johnson.

Prior sales and revenue

The two properties with a total of 12,380 square feet of built space generated revenue of $221,801 per year or $18 per square foot. The sale price per square foot was $549.

The property

The parcel has frontage of 125 feet and is 98 feet deep with a total lot size of 9,883 square feet. The zoning is M1-2D which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $906,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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 Greenwood Heights, The bulk, or 37 percent of the 16.2 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 36 percent of the space. In sales, Greenwood Heights has 1.5 times the average sales volume among other neighborhoods with $412.6 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Greenwood Heights has had very little major development activity relative to other neighborhoods.It had 543,351 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 150 19th Street, PincusCo has identified the owners of four of the 20 commercial properties representing 12,663 square feet of the 124,941 square feet. The largest owner is Watermark Capital Group, followed by Robert Kaydanian and then Ana Taveras.
There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 124,941 square feet of built space are industrial buildings, with office buildings next occupying 15 percent of the space.

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