Green Street Group pays $3M for likely dev site in Williamsburg

Derek Greenberg’s Green Street Group through the entity 546 Metro Spe LLC paid $3 million to the Franquinha family through the entity Arf Metro, LLC for the industrial building (E9) at 546 Metropolitan Avenue in Williamsburg, Brooklyn. The expected use is ground up development.
The deal closed on November 20, 2024 and was recorded on November 26, 2024. The property has 3,034 square feet of built space and 9,186 square feet of additional air rights for a total buildable of 12,208 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $988 and the price per buildable square foot is $245 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 $493,000. The signatory for the sellers were Jackie Wells, Adelino R. Franquinha, Amanda Maria-Franquinha Velazquez, and Joseph Franquinha. The signatory for Green Street Group was Joshua Greenberg. The contract date was July 3, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Green Street Group purchased one property in one transaction for a total of $14 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 had not sold any properties over the same time period.

The property

The industrial building in Williamsburg has 3,034 square feet of built space and 9,186 square feet of additional air rights for a total buildable of 12,208 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 123 feet deep with a total lot size of 3,052 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 $450,000.

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 nine of the 27 commercial properties representing 67,871 square feet of the 164,182 square feet. The largest owner is Rama P. Mukhopadhyay, 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 six commercial properties with 115 residential units in New York City with 6,000 square feet and a city-determined market value of $4.2 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 50 percent of the 6,000 square feet of built space are mixed-use properties, with S2 properties next occupying 50 percent of the space. They are all located in Brooklyn.

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