Hung Henry Koon pays $2.2M for mixed-use in Greenpoint

Hung Henry Koon through the entity 177 Eight, LLC paid $2.2 million to Frank Pietrucha through the entity 144 Nassau Avenue LLC for the three-unit mixed-use building (S3) at 144 Nassau Avenue in Greenpoint, Brooklyn.
The deal closed on May 17, 2024 and was recorded on May 22, 2024. The property has 3,657 square feet of built space and 93 square feet of additional air rights for a total buildable of 3,748 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $601 and the price per buildable square foot is $586 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 Frank Pietrucha was Frank Pietrucha. The signatory for Hung Henry Koon was Hung Henry Koon. The contract date was March 1, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hung Henry Koon had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Frank Pietrucha 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 Bozena Pietrucha, individual owner and Frank Pietrucha, site manager.

The property

The mixed-use building with 3 residential units in Greenpoint has 3,657 square feet of built space and 93 square feet of additional air rights for a total buildable of 3,748 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,874 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 $1.3 million.

Violations and lawsuits

The property was involved in one lawsuit over the past two years. The suit was a $1.5 million commercial foreclosure concerning a loan, filed on November 22, 2023, by Velocity Commercial Capital Loan Trust 2023-2 against Frank J. Pietrucha. In addition, according to city public data, the property has received one DOB violation and $300 in OATH penalties 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 neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.7 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Greenpoint has 2.1 times the average sales volume among other neighborhoods with $574.1 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Greenpoint has 1.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 20 commercial properties representing 76,159 square feet of the 112,277 square feet. The largest owner is Victor Dabrowski, followed by Teresa Krajewski and then Piotr Was.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 112,277 square feet of built space are walkup buildings, with mixed-use buildings next occupying 31 percent of the space.

Direct link to Acris document. link