Center Street Capital pays $1.9M to Kinsey Equities for 8-unit walkup in Greenpoint

Center Street Capital through the entity 67 Sutton Realty LLC paid $1.9 million to Kinsey Equities through the entity 67 Sutton Street LLC for the eight-unit residential walkup building (C1) at 67 Sutton Street in Greenpoint, Brooklyn.
The deal closed on November 21, 2022 and was recorded on December 9, 2022. The property has 7,650 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $241 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 seller bought the property on October 27, 2015, for $2.3 million. The signatory for Kinsey Equities was William Helm. The signatory for Center Street Capital was Elazar Eric Orlofsky.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Center Street Capital had purchased any other properties and sold two properties in two transactions for a total of $15.1 million over the past 24 months.
The seller Kinsey Equities had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Marisa Kinsey, head officer and Val Fida, site manager. The business entity is 67 Sutton Street Llc.

The property

The 67 Sutton Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,550 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 $2.1 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 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 block

On this tax block, PincusCo has identified the owners of 37 of the 40 commercial properties representing 200,255 square feet of the 210,891 square feet. The largest owner is Manjula Mukhopadhyay, followed by John Imperatore and then John Siebor.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 210,891 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.

The buyer

The PincusCo database currently indicates that Center Street Capital owned at least 13 commercial properties in New York City with 97,116 square feet and a city-determined market value of $16.7 million. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 81 percent of the 97,116 square feet of built space are walkup properties, with elevator properties next occupying 12 percent of the space. They are all located in Brooklyn.

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