Japanese investor pays $5.9M to GW Equities for 3-family in Greenpoint

An affiliate of the Japanese electronics company ThirdWave Group through the entity Thirdwave Corp., paid $5.9 million to GW Equities through the entity GW Lorimer Project LLC for the three-unit building (C0) at 1001 Lorimer Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on January 17, 2025 and was recorded on February 11, 2025. The property has 3,000 square feet of built space and 2,000 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 $1,966 and the price per buildable square foot is $1,180 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 May 3, 2021, for $2.1 million. The signatory for GW Equities was Avraham Garbo . The contract date was September 27, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer ThirdWave Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller GW Equities purchased one property in one transaction for a total of $4.7 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Licius Tyrasinski, head officer and Tadeusz Lizinczyk, officer. The business entity is Estate Of Sophia Dziubkowski.

The property

The 1-4 family building with 3 residential units in Greenpoint has 3,000 square feet of built space and 2,000 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 $1.7 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 one housing violation and $100 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 15 of the 20 commercial properties representing 91,300 square feet of the 102,475 square feet. The largest owner is Zygmunt Szumowski, followed by Barbara Sukcik and then Adam Koros.
On the tax block, there was one new building construction project filed totaling 4,941 square feet. It is a three-unit, 4,941 square-foot residential (R-2) building submitted by Yuval Vidal and filed by Yuval Vidal with plans filed February 8, 2023 and permitted July 12, 2024.

The majority, or 88 percent of the 102,475 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Gw Equities owned at least one commercial property with six residential units in New York City with 5,400 square feet and a city-determined market value of $847,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single M1 property. It is located in Brooklyn.

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