Hershy Silberstein pays $2.4M for residential walkup in Greenpoint

Hershy Silberstein through the entity Greenpoint Assets Bk LLC paid $2.4 million to Heidi Zielinski for six-unit residential walkup building (C2) at 320 Eckford Street in Greenpoint, Brooklyn.
The deal closed on August 1, 2022 and was recorded on August 23, 2022. The property has 4,875 square feet of built space and 125 square feet of additional air rights for a total buildable of 5,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $492 and the price per buildable square foot is $480 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 Heidi Zielinski was Heidi Zielinski. The signatory for Hershy Silberstein was Hershy Silberstein.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Hershy Silberstein purchased two properties in two transactions for a total of $4.1 million and has no record it sold any properties over the past 24 months.
The seller Heidi Zielinski 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 Heidi Zielinski, individual owner. The 4,875-square-foot property generated revenue of $108,566 or $22 per square foot, according to the most recent income and expense figures.

The property

The 320 Eckford Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $1.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 block

On this tax block, PincusCo has identified the owners of 14 of the 21 commercial properties representing 245,301 square feet of the 267,406 square feet. The largest owner is Stellar Management, followed by Lawrence Lentino and then INK Property Group.
There is one active new building construction project totaling 93,651 square feet. It is a 70-unit, 93,651-square-foot R-2 building developed by Joel Kohn with plans filed February 14, 2022 and it has not been permitted yet.

The majority, or 48 percent of the 108,514 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

The buyer

The PincusCo database currently indicates that Hershy Silberstein owned at least eight commercial properties in New York City with 10,513 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 67 percent of the 10,513 square feet of built space are mixed-use properties, with C0 properties next occupying 31 percent of the space. The bulk, or 67 percent of the built space, is in Brooklyn, with Bronx next at 33 percent of the space.

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