Boulder-based Flatiron Energy signs contract for four industrial properties in Greenwood Heights

The Boulder, Colorado-based energy storage company Flatiron Energy, through the entity Battery Park Storage LLC signed a contract with Leonard Gold and Stuart Feinstein through the entity Anvoy Associates Of Brooklyn, L.L.C. for four properties, including the industrial building (E1) at 80 19th Street in Greenwood Heights, Brooklyn, industrial building (E1) at 654 3rd Avenue in Greenwood Heights, Brooklyn, and industrial building (E1) at 92 19th Street in Greenwood Heights, Brooklyn.
The deal closed on March 21, 2024 and was recorded on May 10, 2024. The four properties have 45,850 square feet of built space and 62,526 square feet of additional air rights for a total buildable of 108,502 square feet according to a PincusCo analysis of city data. The sale price was not disclosed.
This is a memorandum of a purchase option to buy 55,000 square feet. The option is for three years, starting March 21, 2024.
Flatiron Energy is a portfolio company of the Maryland-based private equity firm Hull Street Energy.

The signatory for Flatiron Energy was Brett Cullen, managing partners of the firm.

This is at least the fifth memorandum of an option to purchase or lease that Flatiron Energy has recorded in city records, according to a search by PincusCo. The others were at 56-01 Maspeth Avenue in Maspeth, Queens; 35-60 19th Avenue in Astoria, Queens; 670 East 137th Street (and others) in Mott Haven, the Bronx; and 314 24th Street in Greenwood Heights.

The company NineDot Energy has acquired several parcels in the city.

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 1.6 times the average sales volume among other neighborhoods with $451.1 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Greenwood Heights has 1.5 times the average amount of major developments relative to other neighborhoods and is the 9th 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 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 654 3rd Avenue, PincusCo has identified the owners of three of the 11 commercial properties representing 384,102 square feet of the 490,152 square feet. The largest owner is Oak Capital Partners, followed by Krasnyi Oktyabr and then Fedex.
On the tax block, there were three new building construction projects totaling 1,250,431 square feet. The largest is a 1,038,742 square-foot storage (S-1) building submitted by Bridge Development Partners and filed by John Porcek with plans filed October 31, 2022 and it has not been permitted yet. The second largest is a 175,308 square-foot storage (S-1) building submitted by DH Property Holdings and filed by Dov Hertz with plans filed July 24, 2020 and permitted August 9, 2022.

The majority, or 68 percent of the 490,152 square feet of built space are office buildings, with industrial buildings next occupying 32 percent of the space.

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