Japanese firm pays $4.7M to Penn South Capital for 3-family in Greenpoint

The Japan-based Okada Denki Sangyo Co. through the entity Okada Denki Sangyo Co., Ltd. paid $4.7 million to Penn South Capital through the entity Java By Grogu LLC for the three-unit building (C0) at 133 Java Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on February 11, 2026 and was recorded on February 27, 2026. The property has 3,048 square feet of built space and 1,950 square feet of additional air rights for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,525 and the price per buildable square foot is $930 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 seller bought the property on February 4, 2025, for $2.8 million. The signatory for Penn South Capital was Parag Sawhney . The signatory for Okada Denki Sangyo Co. was Michael A. Mulia . The contract date was December 24, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Okada Denki Sangyo Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Penn South Capital purchased eight properties in seven transactions for a total of $44.2 million and sold seven properties in six transactions for a total of $50.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Anesti Xhixha, head officer and Pablo Ramon, agent. The business entity is Java By Grogu Llc.

The property

The 1-4 family building with 3 residential units in Greenpoint has 3,048 square feet of built space and 1,950 square feet of additional air rights for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The 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 $2.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 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 block

On this tax block, PincusCo has identified the owners of 18 of the 22 commercial properties representing 184,572 square feet of the 197,572 square feet. The largest owner is Pistilli Realty, followed by Krystyna Myssura and then Czeslaw Musial.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 197,572 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Penn South Capital owned at least 27 commercial properties with 295 residential units in New York City with 193,988 square feet and a city-determined market value of $75.4 million. (Market value is typically about 50% of actual value.) The portfolio has $118.9 million in debt, with top three lenders as KeyBank, Benefit Street Partners, and Shelter Growth Capital Partners respectively. Within the portfolio, the bulk, or 62 percent of the 193,988 square feet of built space are walkup properties, with mixed-use properties next occupying 8 percent of the space. The bulk, or 75 percent of the built space, is in Manhattan, with Brooklyn next at 25 percent of the space.

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