GPG Properties pays $3M for residential walkup in Williamsburg

GPG Properties through the entity GPG 160s3 LLC paid $3 million to Anna Ivasilevich through the entity 160 South 3rd Street Associates for the 30-unit residential walkup building (C1) at 158-160 South 3rd Street in Williamsburg, Brooklyn.
The deal closed on July 25, 2023 and was recorded on August 3, 2023. The property has 19,950 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $151 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 Anna Ivasilevich was Anna Ivasilevich. The contract date was July 11, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer GPG Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Anna Ivasilevich 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 Anna Ivasilevich, head officer and Dion Fotopoulos, site manager. The business entity is 160 South 3rd Street Associates. The 19,950-square-foot property generated revenue of $471,818 or $24 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 30 residential units in Williamsburg has 19,950 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 95 feet deep with a total lot size of 4,750 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 24 housing violations 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 eight of the 12 commercial properties representing 131,152 square feet of the 169,323 square feet. The largest owner is Southside United H.D.F.C., followed by Shea Frankl and then Qaisar Sultan Of Bedford Realty Corp.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 169,323 square feet of built space are walkup buildings, with elevator buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that PGP Properties owned at least 39 commercial properties with 754 residential units in New York City with 467,283 square feet and a city-determined market value of $156.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 467,283 square feet of built space are walkup properties, with elevator properties next occupying 22 percent of the space. They are all located in Manhattan.

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