KP Developers pays $2.5M for 8-unit walkup in Greenpoint

KP Developers through the entity United Group 555 LLC paid $2.5 million to Walter Besser estate through the entity Panabricks Corp. for the eight-unit residential walkup building (C1) at 180 Huron Street in Greenpoint, Brooklyn.
The deal closed on December 8, 2023 and was recorded on January 3, 2024. The property has 7,063 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $353 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 the Walter Besser estate was Itka Besser. The signatory for KP Developers was Aaron Kahen. The contract date was August 22, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer KP Developers purchased two properties in two transactions for a total of $11.2 million and sold two properties in one transaction for a total of $5 million over the past 24 months.
The seller Walter Besser estate had not purchased any other properties and sold one property in one transaction for a total of $3 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Walter Besser, head officer. The business entity is Panabricks Corporation.

The property

The residential walkup building with 8 residential units in Greenpoint has 7,063 square feet of built space 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 2,499 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 $1.5 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 $280 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 29 of the 37 commercial properties representing 192,163 square feet of the 221,144 square feet. The largest owner is Walter Besser, followed by Waldemar Nachajski and then Christopher Guzinski.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 221,144 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that KP Developers owned at least 18 commercial properties with 162 residential units in New York City with 148,268 square feet and a city-determined market value of $29.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 48 percent of the 148,268 square feet of built space are elevator properties, with mixed-use properties next occupying 21 percent of the space. The bulk, or 53 percent of the built space, is in Manhattan, with Brooklyn next at 33 percent of the space.

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