HUBB NYC pays $40M to Greystone & Co. for 63-unit rental in Park Slope
225 4th Avenue (Credit - Google)
HUBB NYC through the entity 225 4th Ave LLC paid $40 million to Greystone & Co. through the entity 225 4th Avenue Property Owner LLC for 63-unit rental condo at 225 4th Avenue in Park Slope, Brooklyn.
HUBB NYC financed the purchase with $20 million from JPMorgan Chase.
The deal closed on September 19, 2022 and was recorded on September 23, 2022. The two properties have 66,038 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $605 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 Greystone & Co. was Andrew Frohlich. The signatory for HUBB NYC was John P. McCarthy and Steve Dluzyn.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer HUBB NYC purchased 33 properties in 16 transactions for a total of $553.3 million and has no record it sold any properties over the past 24 months.
The seller Greystone & Co. had not purchased any other properties and had not sold any properties over the same time period.
The property
The 225 4th Avenue parcel has a total lot size of 62,193 square feet. The property has a 421A exemption that started in 2020 and expires in 2035. The city-designated market value for the property in 2022 is $12.1 million.
Stay current in this unpredictable market with data.
– Daily lists of new buyers, sellers and lenders
– Weekly feed of new developments and offering plans
– Weekly feed of bankruptcies, foreclosures, note sales
… and over 20 different feeds to find your next deal
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.
The block
On the tax block of 225 4th Avenue, PincusCo has identified the owners of two of the 22 commercial properties representing 12,843 square feet of the 159,569 square feet. The two identified owners are Scott Elgart and Ely Harrar.
There is one active new building construction project totaling 23,727 square feet. It is a 14-unit, 23,727-square-foot R-2 building developed by William Caleo with plans filed October 23, 2018 and permitted August 26, 2020.
The majority, or 66 percent of the 97,376 square feet of built space are mixed-use buildings, with walkup buildings next occupying 33 percent of the space.
The seller
The PincusCo database currently indicates that Greystone & Co. owned at least one commercial property in New York City with 22,010 square feet and a city-determined market value of $9.6 million. (Market value is typically about 50% of actual value.) The portfolio has $8 million in debt, borrowed from Bank of New York Mellon. The portfolio consists of at least a single walkup property. It is located in Manhattan.
The buyer
The PincusCo database currently indicates that HUBB NYC owned at least 58 commercial properties in New York City with 957,457 square feet and a city-determined market value of $340.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 957,457 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 66 percent of the built space, is in Manhattan, with Brooklyn next at 34 percent of the space.
Direct link to Acris document. link