Lawrence Ben Pomeroy pays $6.1M to DAX Real Estate for mixed-use in Greenpoint

Lawrence Ben Pomeroy through the entity Cody Projects LLC paid $6.1 million to DAX Real Estate through the entity 159 Franklin Street LLC for the three-unit mixed-use building (S3) at 159 Franklin Street in Greenpoint, Brooklyn.
The deal closed on March 1, 2024 and was recorded on March 25, 2024. The property has 3,000 square feet of built space and 1,756 square feet of additional air rights for a total buildable of 4,748 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,045 and the price per buildable square foot is $1,292 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 September 14, 2021, for $3.2 million. The signatory for DAX Real Estate was Daniel Hedaya. The signatory for Lawrence Ben Pomeroy was Lawrence Ben Pomeroy. The contract date was February 26, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lawrence Ben Pomeroy had purchased any other properties and sold one property in one transactions for a total of $11.8 million over the past 24 months.
The seller DAX Real Estate purchased six properties in four transactions for a total of $34.9 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Maxwell Seibald, head officer. The business entity is 159 Franklin Street Llc.

The property

The mixed-use building with 3 residential units in Greenpoint has 3,000 square feet of built space and 1,756 square feet of additional air rights for a total buildable of 4,748 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 95 feet deep with a total lot size of 2,374 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 $825,000.

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 two DOB violations and $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 neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.7 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Greenpoint has 2 times the average sales volume among other neighborhoods with $577.7 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Greenpoint has 1.2 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 15 commercial properties representing 60,044 square feet of the 72,619 square feet. The largest owner is Teresa Kozlowska, followed by Maria Blaszkiewicz and then Lawrence R. Link.
On the tax block, there were two new building construction projects totaling 93,651 square feet. The largest is a 52-unit, 46,866 square-foot residential (R-2) building submitted by Miriam Chan and filed by Miriam Chan with plans filed September 26, 2014 and it has not been permitted yet. The second largest is a 52-unit, 46,785 square-foot residential (R-2) building submitted by Kenneth Chan with plans filed June 28, 2018 and permitted May 5, 2023.

The majority, or 50 percent of the 72,619 square feet of built space are mixed-use buildings, with walkup buildings next occupying 50 percent of the space.

The seller

The PincusCo database currently indicates that Dax Real Estate owned at least 13 commercial properties with 60 residential units in New York City with 84,529 square feet and a city-determined market value of $25.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 85 percent of the 84,529 square feet of built space are mixed-use properties, with walkup properties next occupying 10 percent of the space. They are all located in Brooklyn.

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