James Dolan pays $6M to Robert Grosso for industrial in Greenpoint

James Dolan through the entity 251 Huron Street LLC paid $6 million to Robert Grosso through the entity Huron Realty LLC for midblock industrial building at 251 Huron Street in Greenpoint, Brooklyn.
The deal closed on June 7, 2022 and was recorded on June 22, 2022.The property has 19,600 square feet of built space and 400 square feet of additional air rights for a total buildable of 20,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $306 and the price per buildable square foot is $300 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 Robert Grosso was Robert Grosso. The signatory for James Dolan was James Dolan.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer James Dolan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robert Grosso had not purchased any other properties and had not sold any properties over the same time period. The 19,600-square-foot property generated revenue of $162,642 or $8 per square foot, according to the most recent income and expense figures.

The property

The 251 Huron Street parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $751,000.

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 neighborhood

In Greenpoint, the bulk, or 23 percent of the 29.6 million square feet of commercial built space are residential walkup buildings, with industrial buildings next occupying 21 percent of the space. In sales, Greenpoint has 1.6 times the average sales volume among other neighborhoods with $450.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 3.7 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 19 commercial properties representing 32,917 square feet of the 113,122 square feet. The largest owner is Gus Kodogiannis, followed by LargaVista Companies and then Broadway Stages. There is one active new building construction project totaling 49,992 square feet. It is a 49,992-square-foot B building developed by Yoel Schwimmer with plans filed August 27, 2014 and it has not been permitted yet.

The majority, or 89 percent of the 113,122 square feet of built space are industrial buildings, with mixed-use buildings next occupying 6 percent of the space.

Surrounding

Within a 400-foot radius of 251 Huron Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which LargaVista Companies bought the development site (V1) on 262 Green Street and three other properties for $8 million from Yoel Goldman on October 19, 2021.

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