Leon Goldenberg’s Goldmont Realty pays $3.5M for residential walkup in Sunset Park

Goldmont Realty through the entity 110 Realty LLC paid $3.5 million to Abwa Realty Corp. for the midblock 24-unit residential walkup building at 768 45th Street in Sunset Park, Brooklyn.
The deal closed on May 6, 2022 and was recorded on May 25, 2022. The property has 16,888 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $207 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 Goldmont Realty was Leon Goldenberg.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Goldmont Realty had purchased any other properties and sold 30 unsold cooperative properties in one transactions for a total of $12.9 million over the past 24 months.
The former owners according to the Department of Housing Preservation and Development included the business entity is Abwa Realty Corp.

The property

The 768 45th Street parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,000 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 $918,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $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 $5 million on this tax lot.

The neighborhood

In Sunset Park, the bulk, or 28 percent of the 49.6 million square feet of commercial built space are 1-4 family buildings, with industrial buildings next occupying 21 percent of the space. In sales, Sunset Park has 1.8 times the average sales volume among other neighborhoods with $500.6 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 751,643 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.

The block

On this tax block, PincusCo has identified the owners of one of the 14 commercial properties representing 33,866 square feet of the 93,772 square feet. The identified owner is Ekrem Vucetovic. There are no active new building construction projects on this tax block.

the majority, or 43 percent of the 227,170 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Goldmont Realty owned at least 22 commercial properties with 1,015,788 square feet and a city-determined market value of $64.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 1,015,788 square feet of built space are residential elevator properties, with residential walkup properties next occupying 9 percent of the space. The bulk, or 60 percent of the built space, is in Brooklyn, with Manhattan next at 40 percent of the space.

Surrounding

Within a 400-foot radius of 768 45th Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on September 13, 2021 for a 26,887-square-foot R-2 building with 23 residential units at 811 45th Street.

UPDATED: The post was updated and the name of an individual involved in the transaction was removed for privacy reasons.

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