DAX Real Estate pays $3.7M for 4-unit in Greenpoint

DAX Real Estate through the entity 136 Franklin Owner LLC paid $3.7 million to Zbigniew Kucharski and Krzysztof Rzamek for the midblock four-unit building at 136 Franklin Street in Greenpoint, Brooklyn.
The deal closed on May 12, 2022 and was recorded on June 2, 2022. The property has 4,215 square feet of built space and 704 square feet of additional air rights for a total buildable of 4,917 square feet according to PincusCo analysis of city data. The sale price per built square foot is $883 and the price per buildable square foot is $757 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 Zbigniew Kucharski and Krzysztof Rzamek was Zbigniew Kucharski and Krzysztof Rzamek . The signatory for DAX Real Estate was Christopher J. Alleva.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer DAX Real Estate purchased six properties in five transactions for a total of $28.9 million and sold one properties in one transactions for a total of $34 million over the past 24 months.
The seller Zbigniew Kucharski 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 Krzysztof Rzamek, joint owner and Zbigniew Kucharski, joint owner.

The property

The 136 Franklin Street parcel has frontage of 23 feet and is 70 feet deep with a total lot size of 1,639 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Greenpoint Historic District. The city-designated market value for the property in 2022 is $1.7 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 neighborhood

In Greenpoint, the bulk, or 23 percent of the 29.6 million square feet of commercial built space are residential walkup buildings, with industrial buildings next occupying 21 percent of the space. In sales, Greenpoint has 1.6 times the average sales volume among other neighborhoods with $450.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 3.7 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other 1-4 family buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 21 of the 33 commercial properties representing 150,578 square feet of the 217,676 square feet. The largest owner is Jadwiga Zakrzewski, followed by Kevin Kennedy and then John Losey. There are no active new building construction projects on this tax block.

The majority, or 29 percent of the 313,322 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 28 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 136 Franklin Street that occurred over the past 24 months.

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