Lin family pays $3.6M for mixed-use in Greenpoint
The Lin family through the entity Manhattan Avenue Trophy, LLC paid $3.6 million for the three-unit mixed-use building (S3) at 983 Manhattan Avenue in Greenpoint, Brooklyn.
The deal closed on May 1, 2024 and was recorded on May 17, 2024. The property has 3,750 square feet of built space and 6,247 square feet of additional air rights for a total buildable of 9,996 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $973 and the price per buildable square foot is $365 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 seller Rosita Elias was Rosita Elias. The contract date was February 2, 2024. The buyer signatory was illegible. Traded NY reported the buyer as “Lin family.”
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Lin family had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rosita Elias had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Rosita Elias, individual owner.
The property
The mixed-use building with 3 residential units in Greenpoint has 3,750 square feet of built space and 6,247 square feet of additional air rights for a total buildable of 9,996 square feet 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 R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 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 four DOB violations and $325 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 2.1 times the average sales volume among other neighborhoods with $569.2 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Greenpoint has 1.4 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 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 20 of the 31 commercial properties representing 182,325 square feet of the 228,930 square feet. The largest owner is Wieslawa Tolwinski, followed by Georgios Papadopoulos and then B&B Global Development Corp..
On the tax block, there were four new building construction projects totaling 30,870 square feet. The largest is a 21-unit, 14,293 square-foot residential (R-2) building submitted by Elvira Ross with plans filed March 20, 2019 and permitted January 27, 2021. The second largest is a six-unit, 6,000 square-foot residential (J-2) building submitted by Grzegorz Chronowski with plans filed August 7, 2006 and permitted June 19, 2007.
The majority, or 52 percent of the 228,930 square feet of built space are walkup buildings, with elevator buildings next occupying 39 percent of the space.
The seller
The PincusCo database currently indicates that Rosita Elias owned at least one commercial property with three residential units in New York City with 3,750 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.
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