Greenmont Group, Aperture Holdings pay $17M to Kickstarter for office in Greenpoint

Greenmont Group and Aperture Holdings through the entity 58 Kent Owner LLC paid $17 million to Kickstarter through the entity 58 Kent, LLC for the office building (O1) at 58 Kent Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The Commercial Observer reported on the sale, identifying Aperture Holdings as a buyer.
The deal closed on February 5, 2025 and was recorded on February 12, 2025. The property has 32,589 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $522 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.)
Kickstarter bought the property on December 15, 2011, for $3.6 million. The signatory for Kickstarter was Casey Gerald. The signatory for Greenmont Group and Aperture Holdings was Eyal Greenberg. The contract date was October 10, 2024. Casey Gerald is chairman of Kickstarter.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Greenmont Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kickstarter had not purchased any other properties and had not sold any properties over the same time period. The 32,589-square-foot property generated revenue of $1.3 million or $39 per square foot, according to the most recent income and expense figures.

The property

The office building in Greenpoint has 32,589 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 149 feet and is 95 feet deep with a total lot size of 15,900 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The property is in the Eberhard Faber Pencil Company Historic District. The city-designated market value for the property in 2022 is $4.8 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 $6,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 12, 2013. 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 Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has 3.1 times the average sales volume among other neighborhoods with $822.7 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Greenpoint has 1.4 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 16,947 square feet of the 244,832 square feet. The identified owner is Sd Asset Management.
There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 244,832 square feet of built space are office buildings, with mixed-use buildings next occupying 2 percent of the space.

The buyer

The PincusCo database currently indicates that Aperture Holdings owned at least three commercial properties with 19 residential units in New York City with 17,926 square feet and a city-determined market value of $6.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 17,926 square feet of built space are mixed-use properties, with walkup properties next occupying 39 percent of the space. They are all located in Brooklyn.

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