Firebird Grove pays $9M to Dorene Goldfinger for mixed-use in Williamsburg

Firebird Grove and affiliate Oculus Realty paid $9 million to Dorene Goldfinger in two separate transactions for two mixed-use buildings in Williamsburg.

In the first, Firebird Grove and affiliate Oculus Realty through the entity Or 139 Broadway, LLC paid $4.8 million to Dorene Goldfinger through the entity 139 Broadway, LLC for midblock four-unit mixed-use building at 139 Broadway in Williamsburg, Brooklyn.
The deal closed on May 27, 2022 and was recorded on June 13, 2022. The property has 6,400 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $745 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.)

In the second, Firebird Grove and affiliate Oculus Realty through the entity Or 141 Broadway, LLC paid $4.2 million to Dorene Goldfinger through the entity 141 Broadway, LLC for midblock three-unit mixed-use building at 141 Broadway in Williamsburg, Brooklyn.
The deal closed on May 27, 2022 and was recorded on June 13, 2022. The property has 5,200 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $813 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.)

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Dorene Goldfinger, head officer and Mark Gold, site manager. The business entities are Hudson View Associates Inc. and 139 Broadway Llc.

The property

The 139 Broadway parcel has frontage of 20 feet and is 78 feet deep with a total lot size of 1,567 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.4 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 Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were seven pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 112,041 square feet of the 156,057 square feet. The identified owner is Cornell Realty Management. There is one active new building construction project totaling 92,733 square feet. It is a 256-unit, 92,733-square-foot R-1 building developed by Isaac Hager with plans filed February 21, 2018 and permitted January 14, 2020.

The majority, or 59 percent of the 189,013 square feet of built space are hotel buildings, with specialty buildings next occupying 19 percent of the space.

Surrounding

Within a 400-foot radius of 139 Broadway, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on December 1, 2020 for the $393,900 renovation of 22,205-square-foot M building with N/A residential units at 134 Broadway.
One of those two items was a loan which Lightstone Group borrowed $68 million from G4 Capital Partners secured by the development site (V1) on 359 Bedford Avenue on August 18, 2021.

Correction: A prior version of this story incorrectly identified the name as Firebird Capital, when in fact the name is Firebird Grove.

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