Greenbrook Partners pays $4.7M for mixed-use in Clinton Hill, owned for 78 years

Greenbrook Partners through the entity 403 Myrtle Ave LLC paid $4.7 million to the entity Sanbern Corp. for the four-unit mixed-use building (S9) at 403 Myrtle Avenue in Clinton Hill, Brooklyn.
The deal closed on May 2, 2025 and was recorded on May 6, 2025. The property has 3,120 square feet of built space and 6,493 square feet of additional air rights for a total buildable of 9,620 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,498 and the price per buildable square foot is $485 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 Ellen Stevens was Justin M. Marques . The signatory for Greenbrook Partners was Frederic LeCao . The contract date was February 26, 2025. The Stevens have owned the building since December 1946.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 97 properties in 94 transactions for a total of $389.3 million and sold 25 properties in 25 transactions for a total of $149.8 million over the past 24 months.
The seller Ellen Stevens 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 Ellen Stevens, head officer and Manuel Caizan, site manager. The business entity is Sanbern Corp. care of Sanford S. Stevens.

The property

The mixed-use building with 4 residential units in Clinton Hill has 3,120 square feet of built space and 6,493 square feet of additional air rights for a total buildable of 9,620 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 83 feet deep with a total lot size of 2,405 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 $1.2 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 $50 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 $1 million on this tax lot.

The neighborhood

In Clinton Hill, The bulk, or 34 percent of the 10.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Clinton Hill has 1.3 times the average sales volume among other neighborhoods with $337 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, Clinton Hill has had very little major development activity relative to other neighborhoods.It had 206,570 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 25 commercial properties representing 23,908 square feet of the 66,205 square feet. The largest owner is David Green, followed by Delshah Capital and then Michael A. Benjamin.
On the tax block, there was one new building construction project filed totaling 2,372 square feet. It is a one-unit, 2,372 square-foot residential (R-3) building submitted by Dusan Jovanovic with plans filed June 15, 2021 and permitted January 18, 2023.

The majority, or 63 percent of the 66,205 square feet of built space are walkup buildings, with mixed-use buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 340 commercial properties with 1,680 residential units in New York City with 1,526,981 square feet and a city-determined market value of $505.8 million. (Market value is typically about 50% of actual value.) The portfolio has $354.7 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and MP Real Estate Capital respectively. Within the portfolio, the bulk, or 49 percent of the 1,526,981 square feet of built space are walkup properties, with C0 properties next occupying 13 percent of the space. The bulk, or 96 percent of the built space, is in Brooklyn, with Queens next at 4 percent of the space.

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