GPG Properties pays $6.8M to Bernard Gans for 36-unit rental in Brooklyn Heights

GPG Properties through the entity GPG Pierrepont, LLC paid $6.8 million to Bernard Gans through the entity Pierrepont I LLC for the 36-unit residential elevator building (D1) at 75 Pierrepont Street in Brooklyn Heights, Brooklyn. The expected use is cash flowing.
The deal closed on August 15, 2024 and was recorded on August 19, 2024. The property has 25,818 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $263 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 Bernard Gans was Bernard Gans. The signatory for GPG Properties was Jason Glick. The contract date was May 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer GPG Properties purchased one property in one transaction for a total of $3 million and has no record it sold any properties over the past 24 months.
The seller Bernard Gans had not purchased any other properties and sold two properties in two transactions for a total of $17.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Bernard Gans, head officer and Elvin Williams, site manager. The business entity is Pierrepont Llc. The 25,818-square-foot property generated revenue of $776,427 or $30 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 36 residential units in Brooklyn Heights has 25,818 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 52 feet and is 123 feet deep with a total lot size of 6,499 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $4.3 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

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 17 of the 20 commercial properties representing 203,302 square feet of the 218,878 square feet. The largest owner is Olshan Properties, followed by Nancy Pearsall and then Lynn Downing.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 218,878 square feet of built space are elevator buildings, with walkup buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Bernard Gans owned at least one commercial property with 36 residential units in New York City with 25,818 square feet and a city-determined market value of $4.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Gpg Properties owned at least 45 commercial properties with 994 residential units in New York City with 650,740 square feet and a city-determined market value of $199.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 59 percent of the 650,740 square feet of built space are walkup properties, with elevator properties next occupying 38 percent of the space. The bulk, or 97 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.

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