GDC Properties pays $24.1M to Stephen Mack for residential elevator in Gowanus

GDC Properties through the entity SG Group Owner 1 LLC paid $24.1 million to Stephen Mack through the entity SMRE Carroll Street LLC for the 30-unit residential elevator building (D1) at 335 Carroll Street in Gowanus, Brooklyn. The expected use is cash flowing.
The deal closed on January 29, 2025 and was recorded on February 11, 2026. The property has 30,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $801 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 August 18, 2016, for $27.2 million. The signatory for Stephen Mack was Stephen Mack, who is affiliated with Solon Mack Capital. The signatory for GDC Properties was Christine McWalters . The contract date was December 3, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer GDC Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stephen Mack 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 Richard Mack, head officer and Safedin Aksabanovic, site manager. The business entities are Rose Property Mgmt Grp Llc and Smre Carroll Street Llc. The 30,000-square-foot property generated revenue of $1.8 million or $61 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 30 residential units in Gowanus has 30,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 62 feet and is 100 feet deep with a total lot size of 9,830 square feet. The lot is irregular. 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 $11.1 million.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 14, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 30,000 square feet of the 34,008 square feet.
There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 34,008 square feet of built space are elevator buildings, with mixed-use buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Gdc Properties owned at least 42 commercial properties with 329 residential units in New York City with 441,958 square feet and a city-determined market value of $168.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 441,958 square feet of built space are elevator properties, with B1 properties next occupying 32 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.

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