Jason Green pays $2.2M for two properties in Bushwick

Jason Green through the entity Green Trout LLC paid $2.2 million to Rex Costello through the entity Wicksounds LLC for the two-unit mixed-use building (S2) at 94 Wilson Avenue in Bushwick, Brooklyn and industrial building (G1) at 199 Troutman Street in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on October 25, 2024 and was recorded on November 4, 2024. The two properties have 4,240 square feet of built space and 572 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $528 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 Rex Costello was Rex Costello. The signatory for Jason Green was Jason Green. The contract date was August 5, 2024.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 94 Wilson Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jason Green had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rex Costello had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Bushwick has 4,240 square feet of built space and 572 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 60 feet deep with a total lot size of 1,200 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,230 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 Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2 times the average sales volume among other neighborhoods with $499.6 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 661,357 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 94 Wilson Avenue, PincusCo has identified the owners of 19 of the 35 commercial properties representing 92,525 square feet of the 152,190 square feet. The largest owner is Graph Group, followed by Leopold Kaufman and then Riseboro Community Partnership.
On the tax block, there was one new building construction project filed totaling 5,446 square feet. It is a seven-unit, 5,446 square-foot residential (R-2) building submitted by Nayda Casanova with plans filed April 19, 2019 and permitted July 13, 2020.

The majority, or 86 percent of the 152,190 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Jason Green owned at least seven commercial properties with 154 residential units in New York City with 126,187 square feet and a city-determined market value of $10.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 85 percent of the built space, is in Manhattan, with Bronx next at 15 percent of the space.

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