Benjamin Brash pays $2.8M for mixed-use in Greenpoint

Benjamin Brash through the entity 158 Noble Street LLC paid $2.8 million to Helen Salus Brown for the three-unit mixed-use building (S3) at 158 Noble Street in Greenpoint, Brooklyn.
The deal closed on November 14, 2022 and was recorded on November 25, 2022.The property has 3,360 square feet of built space and 1,506 square feet of additional air rights for a total buildable of 4,860 square feet according to PincusCo analysis of city data. The sale price per built square foot is $825 and the price per buildable square foot is $570 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 Helen Salus Brown was Helen Salus Brown. The signatory for Benjamin Brash was Benjamin Brash.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Benjamin Brash had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Helen Salus Brown had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Helen Braun, head officer. The business entity is Noble Med Assoc Inc.

The property

The 158 Noble Street parcel has frontage of 20 feet and is 81 feet deep with a total lot size of 1,620 square feet. The lot is irregular. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The property is in the Greenpoint Historic District. The city-designated market value for the property in 2022 is $1.4 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 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 $695.5 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Greenpoint has 3.1 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. There was one 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 one of the 12 commercial properties representing 5,250 square feet of the 62,885 square feet. The identified owner is Lucyna Lis.
On the tax block, there was one new building construction project filed totaling 55,878 square feet. It is a 33-unit, 55,878-square-foot R-2 building developed by Salomon Cojab with plans filed June 20, 2019 and permitted July 6, 2022.

The majority, or 75 percent of the 62,885 square feet of built space are mixed-use buildings, with retail buildings next occupying 17 percent of the space.

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