Glacier Equities pays $35.5M for 5 Greenpoint residential, industrial properties

Glacier Equities paid $35.5 million to the family of the late real estate investor Martin Kennedy for five Greenpoint residential and industrial properties including 99 Commercial Street, 1145 Manhattan Avenue, 1141 Manhattan Avenue, 1139 Manhattan Avenue and 78 Commercial Street in five transactions.

The signatory for the Martin Kennedy family was Barbara Kennedy. The signatory for Glacier Equities was Myles J. Horn. The contract date was November 21, 2022. The Commercial Observer reported on the sale earlier this month. The late Martin Patrick Kennedy purchased the buildings. He died in 2019. The sale documents were signed by his wife, Barbara Kennedy.

In the first, Glacier Equities through the entity 99 Commercial Owner LLC paid $27.5 million to Martin Kennedy family through the entity 99 Commercial St., Inc. for the 21-unit residential walkup building (C7) at 99 Commercial Street in Greenpoint, Brooklyn.
The deal closed on June 6, 2024 and was recorded on June 21, 2024. The property has 87,277 square feet of built space and 30,555 square feet of additional air rights for a total buildable of 117,855 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $315 and the price per buildable square foot is $233 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, Glacier Equities through the entity 1145 Manhattan LLC paid $2.5 million to Martin Kennedy family through the entity Greenpoint Plaza Realty Corp. for the industrial building (G1) at 1145 Manhattan Avenue in Greenpoint, Brooklyn. The deal closed on June 6, 2024 and was recorded on June 21, 2024. The property has 1,740 square feet of built space and 9,844 square feet of additional air rights for a total buildable of 11,582 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,436 and the price per buildable square foot is $215 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 third, Glacier Equities through the entity 1139-41 Manhattan LLC paid $2 million to Martin Kennedy family through the entity 1141 Manhattan Avenue Realty Corp. for the two-unit mixed-use building (S2) at 1141 Manhattan Avenue in Greenpoint, Brooklyn. The deal closed on June 6, 2024 and was recorded on June 21, 2024. The property has 3,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $666 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 fourth, Glacier Equities through the entity 1139-41 Manhattan LLC paid $2 million to Martin Kennedy family through the entity Manbox Realty Corp. for the two-unit mixed-use building (S2) at 1139 Manhattan Avenue in Greenpoint, Brooklyn. The deal closed on June 6, 2024 and was recorded on June 21, 2024. The property has 3,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $555 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 fifth, Glacier Equities through the entity 78 Commercial LLC paid $1.5 million to Martin Kennedy family through the entity Vector West Realty Corp. for the industrial building (G7) at 78 Commercial Street in Greenpoint, Brooklyn and industrial building (G7) at N/A Commercial Street in Greenpoint, Brooklyn. The deal closed on June 6, 2024 and was recorded on June 21, 2024. The two properties have zero square feet of built space and 11,508 square feet of additional air rights for a total buildable of 11,508 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $130 per the PincusCo analysis.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Glacier Equities had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Martin Kennedy family had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential walkup building with 21 residential units in Greenpoint has 87,277 square feet of built space and 30,555 square feet of additional air rights for a total buildable of 117,855 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 484 feet deep with a total lot size of 48,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 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 received $600 in OATH penalties in the last year.

Development

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 18 of the 25 commercial properties representing 2,653,581 square feet of the 2,667,081 square feet. The largest owner is Park Tower Group, followed by Kevin Kennedy and then Greenpoint Manufacturing And Design Center.
On the tax block, there were seven new building construction projects totaling 1,671,803 square feet. The largest is a 335-unit, 338,353 square-foot residential (R-2) building submitted by Brookfield Properties and filed by Dan Berger with plans filed March 15, 2019 and permitted July 13, 2020. The second largest is a 374-unit, 318,639 square-foot residential (R-2) building submitted by Park Tower Group and filed by Guy Morton with plans filed April 3, 2020 and permitted June 21, 2021.

The majority, or 83 percent of the 2.7 million square feet of built space are elevator buildings, with industrial buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Martin Kennedy Family owned at least six commercial properties with 33 residential units in New York City with 114,077 square feet and a city-determined market value of $12 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 92 percent of the 114,077 square feet of built space are walkup properties, with mixed-use properties next occupying 6 percent of the space. They are all located in Brooklyn.

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