Greenbrook Partners pays $3.1M to Lisa White for 1-4 family in Prospect Heights

Greenbrook Partners through the entity 538 Carlton Ave, LLC paid $3.1 million to Lisa White through the entity White, Lisa for three-unit 1-4 family building at 538 Carlton Avenue in Prospect Heights, Brooklyn.
The deal closed on March 17, 2022 and was recorded on March 29, 2022.The property has 4,504 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $688 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 Lisa White was Lisa White. The signatory for Greenbrook Partners was Gregory Fournier.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Greenbrook Partners purchased 59 properties in 59 transactions for a total of $246.4 million and sold four properties in four transactions for a total of $26 million over the past 24 months.
The seller Lisa White had not purchased any other properties and had not sold any properties over the same time period.

The property

The 538 Carlton Avenue parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Prospect Heights Historic District. The city-designated market value for the property in 2022 is $3.4 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $100 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 $5 million on this tax lot.

The neighborhood

In Prospect Heights, the bulk, or 37 percent of the 11.8 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 20 percent of the space. In sales, Prospect Heights has had very little sales volume relative to other neighborhoods with $65 million in sales volume in the last two years. For development, Prospect Heights has 3 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other 1-4 family buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 24 commercial properties representing 74,243 square feet of the 251,382 square feet. The largest owner is New York Police Department, followed by Gilman Management and then Nicholas Valentino. There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 304,527 square feet of built space are residential walkup buildings, with industrial buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 83 commercial properties with 538,064 square feet and a city-determined market value of $149.6 million. (Market value is typically about 50% of actual value.) The portfolio has $285.8 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and ConnectOne Bank respectively. Within the portfolio, the bulk, or 63 percent of the 538,064 square feet of built space are residential walkup properties, with 1-4 family properties next occupying 14 percent of the space. The bulk, or 98 percent of the built space, is in Brooklyn, with Queens next at 2 percent of the space.

Surrounding

Within a 400-foot radius of 538 Carlton Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on November 9, 2020 for a 921,290-square-foot R-2 building with 798 residential units at 595 Dean Street.
Of those three items, two were loans above $5 million totaling $14.2 million. The most recent of the two was Moshe Minz which borrowed $9 million from Dime Community Bank secured by the 6,548-square-foot, one-unit industrial (N2) on 535 Bergen Street and one other property on February 10, 2020.

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