Blank Property Group pays $1.9M for mixed-use in Greenpoint

Blank Property Group through the entity 630 Humboldt Street LLC paid $1.9 million to Barbara Wala for the two-unit mixed-use building (S2) at 630 Humboldt Street in Greenpoint, Brooklyn.
The deal closed on July 17, 2024 and was recorded on July 24, 2024. The property has 2,241 square feet of built space and 2,516 square feet of additional air rights for a total buildable of 4,748 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $847 and the price per buildable square foot is $400 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 Barbara Wala was Barbara Wala. The contract date was March 7, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Blank Property Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Barbara Wala had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Greenpoint has 2,241 square feet of built space and 2,516 square feet of additional air rights for a total buildable of 4,748 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 100 feet deep with a total lot size of 2,374 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million.

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 $300 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 times the average sales volume among other neighborhoods with $538.1 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Greenpoint has 1.5 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 1.6 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. 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 30 of the 38 commercial properties representing 146,364 square feet of the 175,302 square feet. The largest owner is Aleksander Hermanowski, followed by Alicja Goracy and then Victor H. Dabrowski.
There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 175,302 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Barbara Wala owned at least one commercial property with two residential units in New York City with 2,241 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Blank Property Group owned at least 21 commercial properties with 69 residential units in New York City with 70,362 square feet and a city-determined market value of $39.2 million. (Market value is typically about 50% of actual value.) The portfolio has $40.3 million in debt, with top three lenders as RCG Longview, CenterSquare Investment Management, and Signature Bank respectively. Within the portfolio, the bulk, or 35 percent of the 70,362 square feet of built space are C0 properties, with C3 properties next occupying 32 percent of the space. They are all located in Brooklyn.

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