Double U Realty pays $8.9M for dev site in Greenpoint

Double U Realty through the entity 144 Greenpoint Ave LLC paid $8.9 million to MacArthur Holdings through the entity 144 Point Break LLC for the retail building (K2) at 144 Greenpoint Avenue in Greenpoint, Brooklyn. The expected use is development.
The deal closed on January 23, 2025 and was recorded on January 31, 2025. 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 a PincusCo analysis of city data. The sale price per built square foot is $619 and the price per buildable square foot is $391 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 July 8, 2021, for $6.2 million. The signatory for MacArthur Holdings was Jeremy Katz. The signatory for Double U Realty was Michael Weitzman. The contract date was August 30, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Double U Realty had purchased any other properties and sold one property in one transaction for a total of $4 million over the past 24 months.
The seller MacArthur Holdings purchased one property in one transaction for a total of $11.9 million and sold one property in one transaction for a total of $10 million over the same time period.

The property

The retail building in Greenpoint 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 a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 95 feet deep with a total lot size of 7,600 square feet. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times 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 $2 million. The most recent loan totaled $5 million and was provided by Hirshmark Capital on October 13, 2020.

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 $100 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, B00651015, for a 17,247 square-foot COM building. The project was submitted by Josephine Mantellino with plans filed January 14, 2022 and it has not been permitted yet.

The neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has 3 times the average sales volume among other neighborhoods with $805.3 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Greenpoint has 1.4 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 22 of the 32 commercial properties representing 154,852 square feet of the 215,604 square feet. The largest owner is Jadwiga Zakrzewski, followed by Kevin Kennedy and then Michael Pajak.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 215,604 square feet of built space are walkup buildings, with mixed-use buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that MacArthur Holdings owned at least five commercial properties with eight residential units in New York City with 128,285 square feet and a city-determined market value of $29 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Dime Community Bank. Within the portfolio, the bulk, or 61 percent of the 128,285 square feet of built space are retail properties, with elevator properties next occupying 34 percent of the space. The bulk, or 55 percent of the built space, is in Manhattan, with Brooklyn next at 45 percent of the space.

The buyer

The PincusCo database currently indicates that Double U Realty owned at least six commercial properties with 107 residential units in New York City with 115,885 square feet and a city-determined market value of $21.1 million. (Market value is typically about 50% of actual value.) The portfolio has $206.4 million in debt, with top three lenders as Gim Commercial Mortgage Loan Fund, Citibank, and S3 Capital respectively. Within the portfolio, the bulk, or 50 percent of the 115,885 square feet of built space are mixed-use properties, with elevator properties next occupying 36 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link