Holliswood Development pays $7.1M for two walkups in Brooklyn Heights

Holliswood Development through the entity Edifice Columbia, LLC paid $7.1 million to Edward Lubin through the entity M.Lubin LLC for the nine-unit residential walkup building (C1) at 21 Columbia Place and the adjacent nine-unit residential walkup building (C1) at 19 Columbia Place in Brooklyn Heights, Brooklyn.
The deal closed on July 30, 2024 and was recorded on August 6, 2024. The two properties have 8,924 square feet of built space and 3,025 square feet of additional air rights for a total buildable of 11,289 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $795 and the price per buildable square foot is $628 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 Edward Lubin was Edward Lubin. The signatory for Holliswood Development was Helena Willner. The contract date was April 17, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Holliswood Development purchased four properties in three transactions for a total of $13.3 million and has no record it sold any properties over the past 24 months.
The seller Edward Lubin had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Edward Lubin, head officer and Seth Lubin, shareholder. The business entity is M Lubin Llc.

The property

The residential walkup buildings with 18 residential units in Brooklyn Heights have 8,924 square feet of built space and 3,025 square feet of additional air rights for a total buildable of 11,289 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 78 feet deep with a total lot size of 6,238 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $3 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 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 $1 million on this tax lot.

The block

On the tax block of 21 Columbia Place, PincusCo has identified the owners of six of the eight commercial properties representing 30,154 square feet of the 33,554 square feet. The largest owner is Chaim Wurzberger, followed by Edward Lubin and then Richard Lopez.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 33,554 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Edward Lubin owned at least seven commercial properties with 78 residential units in New York City with 44,100 square feet and a city-determined market value of $12.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Holliswood Development owned at least six commercial properties with 43 residential units in New York City with 38,745 square feet and a city-determined market value of $22.2 million. (Market value is typically about 50% of actual value.) The portfolio has $24.5 million in debt, borrowed from First Republic Bank and Prime Finance. Within the portfolio, the bulk, or 58 percent of the 38,745 square feet of built space are walkup properties, with mixed-use properties next occupying 25 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Brooklyn next at 38 percent of the space.

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