Lender sells formerly foreclosed rentals for $11.2M in Greenpoint

The entity 287 Prop LLC with signatory Jonathan Rubin paid $11.2 million through a real estate owned process to former lender Community Preservation Corporation through the entity 287a McGuinness Holding LLC for three 10-unit residential walkup buildings (C1) at 287, 293 and 299 McGuinness Boulevard in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on February 28, 2025 and was recorded on March 4, 2025. The three properties have 28,980 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $384 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 Community Preservation Corporation was Daniel Wheeler. The signatory for the buyer was Jonathan Rubin. The contract date was February 12, 2025. Shimson Mandel lost the property in a foreclosure to lender through court case 526821/2021, on October 16, 2023..

The property

The residential walkup building with 30 residential units in Greenpoint has 28,980 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 76 feet and is 35 feet deep with a total lot size of 2,660 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2013 and expires in 2028. The city-designated market value for the property in 2022 is $2.4 million. The property has 10 rent regulated units according to city tax records from 2023.

Violations and lawsuits

The properties were involved in one lawsuit related to the foreclosure over the past two years. The suit was a $11.2 million money judgment concerning a contract filed on February 20, 2025, by Shimshon Mandel against Community Preservation Company. In addition, according to city public data, the properties have received 28 housing violations and $4,540 in OATH penalties in the last year.

Development

For the tax lot buildings, three out of the three buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 293 McGuinness Boulevard, PincusCo has identified the owners of 21 of the 27 commercial properties representing 129,715 square feet of the 170,415 square feet. The largest owner is Chaim Lefkowitz, followed by Henry Kielmanowicz and then Declan Mc Loughlin.
On the tax block, there was one new building construction project filed totaling 7,499 square feet. It is a six-unit, 7,499 square-foot residential (R-2) building submitted by Nir Benhorin|Dor Goldstein and filed by Nir Ben Horin with plans filed December 13, 2021 and permitted July 7, 2023.

The majority, or 69 percent of the 170,415 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Community Preservation Corporation owned at least seven commercial properties with 564 residential units in New York City with 599,143 square feet and a city-determined market value of $54.4 million. (Market value is typically about 50% of actual value.) The portfolio has $100.1 million in debt, borrowed from Walker & Dunlop. Within the portfolio, the bulk, or 92 percent of the 599,143 square feet of built space are elevator properties, with walkup properties next occupying 8 percent of the space. They are all located in Brooklyn.

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