Greenbrook Partners pays $7.6M to Lisa Napolitano for residential walkup in South Slope

Greenbrook Partners through the entity 161 Ppw, LLC paid $7.6 million to Lisa Napolitano through the entity 161 Prospect Park West, LLC for eight-unit residential walkup building at 161 Prospect Park West in South Slope, Brooklyn.
The deal closed on March 28, 2022 and was recorded on April 14, 2022. The property has 9,576 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $793 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 Napolitano was Lisa Napolitano. The signatory for Greenbrook Partners was Gregory Fournier. Gregory Fournier is the managing principal of Greenbrook Partners.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 61 properties in 61 transactions for a total of $253.7 million and sold six properties in six transactions for a total of $37 million over the past 24 months.
The seller Lisa Napolitano 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 included Lisa Napolotano, head officer and Frances Rizzuto, officer. The business entity is 161 Prospect Park West, Llc.

The property

The 161 Prospect Park West parcel has frontage of 24 feet and is 93 feet deep with a total lot size of 2,240 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Park Slope Historic District. The city-designated market value for the property in 2022 is $2.7 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 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 $5 million on this tax lot.

The neighborhood

In South Slope, the bulk, or 42 percent of the 9.4 million square feet of commercial built space are 1-4 family buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, South Slope has 1.2 times the average sales volume among other neighborhoods with $322.9 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, South Slope has had very little major development activity relative to other neighborhoods.It had 91,369 square feet of commercial and multi-family construction under development in the last two years, which represents 0.98 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 23,960 square feet of the 36,146 square feet. The largest owner is Alchemy Ventures, followed by Joseph Berman and then Donna Cosares. There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 246,802 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 84 commercial properties with 545,078 square feet and a city-determined market value of $156 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 545,078 square feet of built space are residential walkup properties, with 1-4 family properties next occupying 15 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 161 Prospect Park West, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were sales above $5 million totaling $31.4 million. The most recent of the two was Greenbrook Partners which bought the 30,047-square-foot, 34-unit rental (C1) on 503 12th Street for $11.1 million from Zipporah Goldstein on December 10, 2020.
Of those five items, three were loans above $5 million totaling $28.2 million. The most recent of the three was Sugar Hill Capital Partners which borrowed $10.9 million from Sterling National Bank secured by the 35,298-square-foot, 30-unit rental (D1) on 150 Prospect Park West on March 8, 2022.

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