Guy Iber pays $7.5M for 10-unit dev site in Greenpoint

Guy Iber through the entity 68-72 Freeman Holdings LLC paid $7.5 million to the entity 68 Realty Corp. for the industrial building (E1) at 68 Freeman Street in Greenpoint, Brooklyn and industrial building (E1) at 72 Freeman Street in Greenpoint, Brooklyn. The expected use is redevelopment.

On these lots, there is one active major alteration construction project, B01205858, for a 10-unit, 14,731 square-foot residential (R-2) building. The project was filed by Guy Iber on April 22, 2025 and it has not been permitted yet.
The deal closed on April 16, 2026 and was recorded on April 28, 2026. The two properties have 7,500 square feet of built space and 7,500 square feet of additional air rights for a total buildable of 15,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,000 and the price per buildable square foot is $500 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 the seller Richard Kralstein was an attorney, Eric Felcher. The signatory for Guy Iber was an attorney, Siamak Darouvar . The contract date was August 30, 2024.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Guy Iber had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Richard Kralstein had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 7,500 square feet of built space generated revenue of $87,800 per year.

The property

The industrial building in Greenpoint has 7,500 square feet of built space and 7,500 square feet of additional air rights for a total buildable of 15,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. 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 $606,000.

Transaction Participants

David H. Cohen at Moritt Hock & Hamroff LLP participated in the transaction on behalf of the buyer.

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 not received any significant violations in the last year.

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 2.7 times the average sales volume among other neighborhoods with $920.7 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Greenpoint has 1.9 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On the tax block of 68 Freeman Street, PincusCo has identified the owners of nine of the 13 commercial properties representing 42,243 square feet of the 58,723 square feet. The largest owner is Dimitrios Sidiropoulos, followed by Dax Real Estate and then David Grunfeld.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 58,723 square feet of built space are walkup buildings, with mixed-use buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Guy Iber owned at least one commercial property with six residential units in New York City with 5,530 square feet and a PincusCo-determined asset value of 0. The portfolio consists of at least a single C2 property.

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