Artist pays $8.1M to Ingraham Realty for industrial in Greenpoint, part of users-as-buyers trend

The artist Avery Singer through the entity You Get A Pickle With Your Painting LLC paid $8.1 million to Ingraham Realty Properties through the entity Ingraham Realty Properties, LLC for industrial building (E1) at 233 Banker Street in Greenpoint, Brooklyn.
This is another example of the trend of users as purchasers of commercial property, including artists, such as Takashi Murakami who paid $4.6 million in Williamsburg, and Wade Guyton, who paid $18.75 million in the Lower East Side.
The deal closed on November 15, 2022 and was recorded on November 22, 2022. The property has 10,500 square feet of built space for a total buildable of 10,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $771 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 Ingraham Realty Properties was Steven Levy, Michael Levy, Alan Collin, and Ina Lane. The signatory for Avery Singer was Avery Singer. At the same time, Singer financed the purchase with a $7 million loan from the individual Wenlei Song.

Prior sales and revenue

The seller Ingraham Realty Properties had not purchased any other properties and sold one property in one transaction for a total of $10 million over the past 24 months. The 10,500-square-foot property generated revenue of $235,449 or $22 per square foot, according to the most recent income and expense figures.

The property

The 233 Banker Street parcel has frontage of 100 feet and is 105 feet deep with a total lot size of 10,500 square feet. The lot is irregular. 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 $1.1 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 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 $5 million on this tax lot.

The neighborhood

In Greenpoint, the bulk, or 29 percent of the 23.4 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 27 percent of the space. In sales, Greenpoint has 2 times the average sales volume among other neighborhoods with $684.9 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Greenpoint has 3.2 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 27,625 square feet of the 164,424 square feet. The largest owner is Vera Martynick, followed by Ratho Ljusic and then Khalida Khan.
On the tax block, there was one new building construction project filed totaling 20,937 square feet. It is a 20,937-square-foot F-2 building developed by Barry Ball with plans filed November 5, 2018 and permitted July 29, 2019.

The majority, or 60 percent of the 164,424 square feet of built space are industrial buildings, with walkup buildings next occupying 17 percent of the space.

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