Greenmont, Seastone, Jungreis pay $21M for 54-unit rental in Prospect Heights

Greenmont Group, Seastone Capital, and Aaron Jungreis through the entity 364 Lincoln Owner LLC paid $21 million to Novel Property Ventures through the entity 364 Lincoln Place Owner LLC for the 54-unit residential elevator building (D1) at 364 Lincoln Place in Prospect Heights, Brooklyn. The expected use is cash flowing.
The deal closed on September 30, 2025 and was recorded on October 17, 2025. The property has 51,288 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $409 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 Commercial Observer reported on this sale previously.
The seller bought the property on December 11, 2015, for $23.5 million. The signatory for Novel Property Ventures was Bennat Berger . The signatory for Greenmont Group , Seastone Capital , and Aaron Jungreis was Eyal Greenberg , Joshua Honig , and Adam Goodstein . The contract date was May 16, 2025. Bennat Berger was buyring under Novel Property Ventures from 2014 to 2021, then Skylight Real Estate Partners from 2021 to 2024. Since this was purchased in 2015 (for $23.5 million) PincusCo is identifying the seller as Novel Property Ventures. The “care of” address for the sale is Skylight Real Estate Partners.

The brokers were Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty Group.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Greenmont Group purchased one property in one transaction for a total of $17 million and has no record it sold any properties over the past 24 months.
The seller Novel Property Ventures had not purchased any other properties and sold one property in one transaction for a total of $4.8 million over the same time period. The 51,288-square-foot property generated revenue of $2.4 million or $46 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 54 residential units in Prospect Heights has 51,288 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 62 feet deep with a total lot size of 9,455 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 $9.6 million. The property has 20 rent regulated units according to city tax records from 2023.

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 15 housing violations 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 block

On this tax block, PincusCo has identified the owners of 10 of the 13 commercial properties representing 317,301 square feet of the 375,916 square feet. The largest owner is Charles Alpert (271), followed by Stanley Gallant and then Novel Property Ventures.
On the tax block, there was one new building construction project filed totaling 165,620 square feet. It is a 26-unit, 165,620 square-foot residential (R-2) building submitted by Fieber Group and filed by Brian Fieber with plans filed August 25, 2015 and permitted April 13, 2017.

The majority, or 81 percent of the 375,916 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Novel Property Ventures owned at least 21 commercial properties with 382 residential units in New York City with 347,202 square feet and a city-determined market value of $61.9 million. (Market value is typically about 50% of actual value.) The portfolio has $44.8 million in debt, with top three lenders as Ladder Capital, JPMorgan Chase, and Greystone & Co. respectively. Within the portfolio, the bulk, or 65 percent of the 347,202 square feet of built space are walkup properties, with elevator properties next occupying 35 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Brooklyn next at 24 percent of the space.

The buyer

The PincusCo database currently indicates that Aaron Jungreis owned at least 35 commercial properties with 965 residential units in New York City with 875,957 square feet and a city-determined market value of $86.7 million. (Market value is typically about 50% of actual value.) The portfolio has $64.3 million in debt, with top three lenders as Community Preservation Corporation, Customers Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 65 percent of the 875,957 square feet of built space are elevator properties, with walkup properties next occupying 34 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Manhattan next at 40 percent of the space.
The PincusCo database currently indicates that Seastone Capital owned at least three commercial properties with 99 residential units in New York City with 94,148 square feet and a city-determined market value of $6.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 78 percent of the built space, is in Manhattan, with Bronx next at 22 percent of the space.
The PincusCo database currently indicates that Greenmont Group owned at least one commercial property in New York City with 32,589 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Brooklyn.

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