Investor Kurt Winrich pays $6.5M for industrial in Bushwick, 3rd purchase in area
Kurt Winrich, former CEO of the California-based WCM Investment Management, through the entity Monticello 444, LLC paid $6.5 million to WRM Properties through the entity Putnam Rolling Ladder Company, Inc. for the midblock industrial building at 444 Jefferson Street in Bushwick, Brooklyn.
The deal closed on February 22, 2022 and was recorded on March 8, 2022.
This is Winrich’s third purchase in the immediate area. He bought 428 Troutman Street in November 2020, and 427 Troutman Street in February 2022.
The property has 9,000 square feet of built space and 1,000 square feet of additional air rights for a total buildable of 10,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $722 and the price per buildable square foot is $650 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 WRM Properties was Gregg P. Monsees Jr.. The signatory for WCM Investment Management was Kurt Winrich. WCM is an asset management firm based in Laguna Beach, California. Kurt Winrich is former CEO and current chairman of the board.
The property
The 444 Jefferson Street parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. 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 $623,000.
Violations and lawsuits
The property was not involved in any lawsuits or bankruptcies in the past years. 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 Bushwick, the bulk, or 32 percent of the 51.4 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 29 percent of the space. In sales, Bushwick has 3.3 times the average sales volume among other neighborhoods with $910.2 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.2 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 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 this tax block, PincusCo has identified the owners of three of the 14 commercial properties representing 15,900 square feet of the 94,648 square feet. The two identified owners are RiseBoro Community Partnership and Kurt Winrich. There are no active new building construction projects on this tax block.
the majority, or 58 percent of the 105,667 square feet of built space are industrial buildings, with mixed-use buildings next occupying 12 percent of the space.
Surrounding
Within a 400-foot radius of 444 Jefferson Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on December 6, 2021 for the $250,000 renovation of 8,255-square-foot A-2 building with zero residential units at 1241 Flushing Avenue.
Of those five items, three were sales above $5 million totaling $28.2 million. The most recent of the three was Kurt Winrich which bought the 6,900-square-foot, one-unit industrial (F4) on 427 Troutman Street for $6.5 million from Putnam Rolling Ladder Co. on March 2, 2022.
One of those five items was a loan which Juan Perez borrowed $9.2 million from Country Bank secured by the 20,880-square-foot, one-unit industrial (F4) on 1 St Nicholas Avenue on December 10, 2019.
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