Cedar Park pays $27.4M to Black Spruce for 8-building Greenpoint porfolio

Midtown-based Cedar Park Capital paid $27.4 million to Black Spruce Management for an eight-building Greenpoint, Brooklyn, portfolio that Black Spruce purchased in February 2017 for a reported $27 million. The transaction was made through eight individual sales. Cedar Park Capital financed the purchase with a $17.7 million loan from Citizens Bank.

The signatory for Black Spruce Management was Joshua Gotlib. The signatory for Cedar Park Capital was Marlon Lerer. The contract date was January 30, 2025.

Black Spruce bought this portfolio in 2017 for $27 million, at the time the seller was under threat of foreclosure from Madison Realty Capital. At that time Black Spruce borrowed $18 million, but the debt was increased to $25.5 million by 2023. With the sale, the debt was reduced to $17.7 million from Citizens Bank. (The total 2017 purchase was reported as $27 million but a PincusCo analysis of the eight transactions from 2017 yields only $23.9 million.)

A Rosewood Realty Group team of Aaron Jungreis, Ben Khakshoor and Mike Kerwin brokered the 2017 deal. A Rosewood Realty Group team of Aaron Jungreis, Ben Khakshoor and Alex Fuchs brokered this new transaction.

In the first deal, Cedar Park Capital through the entity 657 Meeker Owner LLC paid $4.3 million to Black Spruce Management through the entity Bsp Smk 657 LLC for the nine-unit residential walkup building (C1) at 657 Meeker Avenue in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on April 15, 2025 and was recorded on April 28, 2025. The property has 8,084 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $537 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.)

Direct link to Acris document. link

In the second, Cedar Park Capital through the entity 669 Meeker Owner LLC paid $4 million to Black Spruce Management through the entity Bsp Smk 669 LLC for the nine-unit residential walkup building (C1) at 669 Meeker Avenue in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on April 15, 2025 and was recorded on April 28, 2025. The property has 6,488 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $616 per the PincusCo analysis.
Direct link to Acris document. link

In the third, Cedar Park Capital through the entity 3 Sutton Owner LLC paid $3.4 million to Black Spruce Management through the entity Bsp Smk 3 LLC for the six-unit residential walkup building (C2) at 3 Sutton Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on April 15, 2025 and was recorded on April 28, 2025. The property has 6,138 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $550 per the PincusCo analysis.
Direct link to Acris document. link

In the fourth, Cedar Park Capital through the entity 5 Sutton Owner LLC paid $3.3 million to Black Spruce Management through the entity Bsp Smk 5 LLC for the six-unit residential walkup building (C2) at 5 Sutton Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on April 15, 2025 and was recorded on April 28, 2025. The property has 6,488 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $515 per the PincusCo analysis.
Direct link to Acris document. link

In the fifth, Cedar Park Capital through the entity 164 Kingsland Owner LLC paid $3.2 million to Black Spruce Management through the entity Bsp Smk King LLC for the eight-unit residential walkup building (C1) at 164 Kingsland Avenue in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on April 15, 2025 and was recorded on April 28, 2025. The property has 7,430 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $435 per the PincusCo analysis. Direct link to Acris document. link

In the sixth, Cedar Park Capital through the entity 166 Kingsland Owner LLC paid $3.2 million to Black Spruce Management through the entity Bsp Smk King LLC for the eight-unit residential walkup building (C1) at 166 Kingsland Avenue in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on April 15, 2025 and was recorded on April 28, 2025. The property has 5,718 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $564 per the PincusCo analysis.
Direct link to Acris document. link

In the seventh, Cedar Park Capital through the entity 667 Meeker Owner LLC paid $3 million to Black Spruce Management through the entity Bsp Smk 667 LLC for the six-unit residential walkup building (C2) at 667 Meeker Avenue in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on April 15, 2025 and was recorded on April 28, 2025. The property has 6,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $456 per the PincusCo analysis.
Direct link to Acris document. link

In the eighth, Cedar Park Capital through the entity 661 Meeker Owner LLC paid $2.9 million to Black Spruce Management through the entity Bsp Smk 661 LLC for the seven-unit residential walkup building (C1) at 661 Meeker Avenue in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on April 15, 2025 and was recorded on April 28, 2025. The property has 5,513 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $530 per the PincusCo analysis.
Direct link to Acris document. link

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Cedar Park Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Black Spruce Management purchased one property in one transaction for a total of $402.6 million and sold 14 properties in 14 transactions for a total of $149 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Matthew Keller, head officer and Gabe Stone, site manager. The business entity is Bsp Smk, Llc.

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 $10,900 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 block

On this tax block, PincusCo has identified the owners of 17 of the 18 commercial properties representing 107,947 square feet of the 111,847 square feet. The largest owner is Black Spruce Management, followed by Diana Sutowski and then Zbigniew Kozicki.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 111,847 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Black Spruce Management owned at least 154 commercial properties with 5,022 residential units in New York City with 5,259,865 square feet and a city-determined market value of $1.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $587.5 million in debt, with top three lenders as Signature Bank, Goldman Sachs, and New York Community Bank respectively. Within the portfolio, the bulk, or 75 percent of the 5,259,865 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Queens next at 10 percent of the space.