Green Street Group pays $3.5M for 4-unit mixed-use in Williamsburg

Green Street Group through the entity 536 Metro Spe LLC paid $3.5 million to the entity Arf Metro, LLC (and others) for the four-unit mixed-use building (S4) at 536 Metropolitan Avenue in Williamsburg, Brooklyn.
The deal closed on November 20, 2024 and was recorded on December 3, 2024. The property has 3,750 square feet of built space and 18,608 square feet of additional air rights for a total buildable of 22,352 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $933 and the price per buildable square foot is $156 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 December 20, 2023, for $1.4 million. The signatory for Jackie Wells, Adelino R. Franquinha, Amanda Maria-Franquinha Velazquez, and Joseph Franquinha was Jackie Wells. The signatory for Green Street Group was Joshua Greenberg. The contract date was April 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Green Street Group purchased two properties in two transactions for a total of $17 million and has no record it sold any properties over the past 24 months.
The seller Jackie Wells had not purchased any other properties and sold one property in one transaction for a total of $3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jackie Wells, head officer and Adelino Franquinha, officer. The business entity is Ribiero Associates Llc.

The property

The mixed-use building with 4 residential units in Williamsburg has 3,750 square feet of built space and 18,608 square feet of additional air rights for a total buildable of 22,352 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 130 feet deep with a total lot size of 5,588 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. 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 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 neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 5th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 27 commercial properties representing 70,905 square feet of the 164,182 square feet. The largest owner is Manjula Mukahopadhyay, followed by Maria Dente and then Marek A. Kluska.
On the tax block, there was one new building construction project filed totaling 8,697 square feet. It is a 13-unit, 8,697 square-foot residential (R-2) building submitted by Yisroel Greenfeld with plans filed June 15, 2022 and it has not been permitted yet.

The majority, or 47 percent of the 164,182 square feet of built space are walkup buildings, with mixed-use buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Jackie Wells owned at least one commercial property with six residential units in New York City with 4,866 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Green Street Group owned at least seven commercial properties with 115 residential units in New York City with 9,034 square feet and a city-determined market value of $4.6 million. (Market value is typically about 50% of actual value.) The portfolio has $71.3 million in debt, with top three lenders as Preferred Bank, Bankwell Bank, and Bank Leumi respectively. Within the portfolio, the bulk, or 34 percent of the 9,034 square feet of built space are industrial properties, with mixed-use properties next occupying 33 percent of the space. They are all located in Brooklyn.

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