Doug Hammond pays $6.8M to NPT Properties for in Greenpoint

Doug Hammond through the entity 154 Engert Holdings LLC paid $6.8 million to NPT Properties through the entity Npt Properties LLC for four-unit property at 154 Engert Avenue in Greenpoint, Brooklyn.
The deal closed on May 24, 2022 and was recorded on June 6, 2022. The property has 4,874 square feet of built space and 125 square feet of additional air rights for a total buildable of 5,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,384 and the price per buildable square foot is $1,350 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 June 28, 2016, for $5.6 million. The signatory for NPT Properties was Susanne Pellicane. The signatory for Doug Hammond was Doug Hammond. Susanne Pellicane is a developer with NPT Properties.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Doug Hammond had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller NPT Properties 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 Susanne Sabbatino Pellicane, head officer and Richard Kourbage, officer. The business entities are R.E.M. Residential and Npt Properties Llc. The 4,874-square-foot property generated revenue of $123,361 or $25 per square foot, according to the most recent income and expense figures.

The property

The 154 Engert Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property has a J-51 exemption that started in 2016 and expires in 2030. 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 block

On this tax block, PincusCo has identified the owners of nine of the 19 commercial properties representing 45,221 square feet of the 65,426 square feet. The largest owner is Melissa Lee Stepansky, followed by Michael Casella and then Krzystof Parciak. There is one active new building construction project totaling 20,264 square feet. It is a 30-unit, 20,264-square-foot R-2 building developed by Cheskie Weiss with plans filed January 28, 2020 and it has not been permitted yet.

The majority, or 41 percent of the 111,985 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 37 percent of the space.

Surrounding

Within a 400-foot radius of 154 Engert Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 19, 2021 for the $751,470 renovation of 4,095-square-foot R-2 building with four residential units at 176 Bayard Street.
Of those three items, two were loans above $5 million totaling $31.8 million. The most recent of the two was Blank Property Group which borrowed $25.3 million from RCG Longview and CenterSquare Investment Management secured by the 7,786-square-foot, one-unit townhouse (A9) on 176 Bayard Street and 11 other properties on February 22, 2022.

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