Elazar Orlofsky pays $5.1M for three walkup properties in Greenpoint

Elazar Orlofsky through the entity 200-204 Calyer Street LLC paid $5.1 million to Estate of Dorothy Pettit for the midblock six-unit residential walkup building at 204 Calyer Street in Greenpoint, Brooklyn, midblock six-unit residential walkup building at 200 Calyer Street in Greenpoint, Brooklyn, and midblock six-unit residential walkup building at 202 Calyer Street in Greenpoint, Brooklyn.
The deal closed on May 19, 2022 and was recorded on June 8, 2022. The three properties have 11,225 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $454 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 Estate of Dorothy Pettit was John Pettit. The signatory for Elazar Orlofsky was Elazar Orlofsky.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 204 Calyer Street.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Dorothy Pettit, individual owner and Colleen Parzych, site manager. Out of the three properties, two with a total of 11,225 square feet of built space generated revenue of $200,582 per year.

The property

The 204 Calyer Street parcel has frontage of 28 feet and is 61 feet deep with a total lot size of 1,708 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 $1.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 were three pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On the tax block of 204 Calyer Street, PincusCo has identified the owners of 13 of the 17 commercial properties representing 64,939 square feet of the 77,515 square feet. The largest owner is John Pettit, followed by Related Companies and then Grazyna Skowron. There is one active new building construction project totaling 5,000 square feet. It is a seven-unit, 5,000-square-foot R-2 building developed by Michael Perrone with plans filed August 28, 2015 and it has not been permitted yet.

The majority, or 56 percent of the 119,272 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 22 percent of the space.

Surrounding

Within a 400-foot radius of 204 Calyer Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on July 8, 2021 for a 20,108-square-foot R-2 building with 24 residential units at 173 McGuiness Boulevard.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on July 21, 2021 for the $820,000 renovation of 5,445-square-foot R-2 building with seven residential units at 684 Leonard Street.
One of those three items was a loan which Guy Peleg borrowed $8 million from Bank Leumi secured by the 0-square-foot development site (V0) on 173 Mcguiness Blvd on July 12, 2021.

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