David Katz pays $6.2M to Cayuga Capital for mixed-use in Greenpoint, last sold for $10.1M

David Katz through the entity 144 Point Break LLC 2 paid $6.2 million to Cayuga Capital Management through the entity WRE Brooklyn Purchaser LLC for the mixed-use building (K2) at 144 Greenpoint Avenue in Greenpoint, Brooklyn. Hirshmark Capital had purchased a $5 million note secured by the building, PincusCo reported in October 2020. That note was paid off and the new buyers obtained $4 million in financing from Zedek Ventures SPE.

The deal closed on July 8, 2021 and was recorded on July 22, 2021.
The property has 14,400 square feet of built space and 8,436 square feet of additional air rights for a total buildable of 22,800 square feet according to PincusCo analysis of city data. The sale price per built square foot is $434 and the price per buildable square foot is $274 per the PincusCo analysis.
The owner bought the property on 16-Jul-15, for $10.1 million.
The signatory for Cayuga Capital Management was Ryan O’Miller. The signatory for David Katz was David Katz.
Within a 400-foot radius of 144 Greenpoint Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Salomon and Alberto Smeke’s Salt Equities bought the 12,560-square-foot, 16-unit rental (C1) on 115 Greenpoint Avenue and two other properties for $29 million from Red Brick Properties on December 30, 2019.
One of those two items was a loan which Salt Equities borrowed $24.6 million from Ready Capital secured by the 12,560-square-foot, 16-unit rental (C1) on 115 Greenpoint Avenue and two other properties on December 30, 2019.

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