Greenbrook Partners through the entity 154-163 W 9 St, LLC paid $8 million to Renee Gladstone estate through the entity Estate Of Renee Gladstone for the 10-unit residential walkup building (C1) at 161 West 9th Street in Carroll Gardens, Brooklyn, 10-unit residential walkup building (C1) at 163 West 9th Street in Carroll Gardens, Brooklyn, and 10-unit residential walkup building (C1) at 159 West 9th Street in Carroll Gardens, Brooklyn.
The deal closed on September 20, 2023 and was recorded on October 5, 2023. The four properties have 14,328 square feet of built space and 4,585 square feet of additional air rights for a total buildable of 18,912 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $558 and the price per buildable square foot is $423 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 Renee Gladstone estate was Steven Gladstone. The signatory for Greenbrook Partners was Gregory P. Fournier. The contract date was July 16, 2023.
Greenbrook Partners financed the purchase with a $7.2 million loan from MP Real Estate Capital.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 161 West 9th Street.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 19 properties in 19 transactions for a total of $66 million and sold 20 properties in 20 transactions for a total of $116.5 million over the past 24 months.
The seller Renee Gladstone estate had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Steven Gladstone, head officer. The business entity is Estate Of Renee Gladstone.
The residential walkup building with 10 residential units in Carroll Gardens has 14,328 square feet of built space and 4,585 square feet of additional air rights for a total buildable of 18,912 square feet according to a PincusCo analysis of city data. The parcel has frontage of 74 feet and is 100 feet deep with a total lot size of 7,449 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.1 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two housing violations and $250 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On the tax block of 161 West 9th Street, PincusCo has identified the owners of three of the 15 commercial properties representing 17,068 square feet of the 75,965 square feet. The largest owner is Richard Rosen, followed by Renne Gladstone and then Larry Tauber & Arie Zigelbaum.
There are no active new building construction projects on this tax block.
The majority, or 33 percent of the 75,965 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.
The PincusCo database currently indicates that Greenbrook Partners owned at least 81 commercial properties with 632 residential units in New York City with 592,600 square feet and a city-determined market value of $171.4 million. (Market value is typically about 50% of actual value.) The portfolio has $270.1 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and Signature Bank respectively. Within the portfolio, the bulk, or 64 percent of the 592,600 square feet of built space are walkup properties, with mixed-use properties next occupying 11 percent of the space. They are all located in Brooklyn.
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