Maverick Real Estate Partners sells 12-unit walkup for $1.7M in Crown Heights

The entity 229 Troy Owners, LLC paid $1.7 million to Maverick Real Estate Partners through the entity Troy Avenue Owner LLC for the 12-unit residential walkup building (C1) at 229 Troy Avenue in Crown Heights, Brooklyn.
The deal closed on August 31, 2023 and was recorded on September 15, 2023. The property has 6,006 square feet of built space and 394 square feet of additional air rights for a total buildable of 6,395 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $283 and the price per buildable square foot is $265 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 Maverick Real Estate Partners was Thomas Hooker. The signatory for 229 Troy Owners, LLC was Craig Stuart Lanza. The contract date was June 13, 2023. Craig Stuart Lanza is an attorney.

Maverick bought the debt with an original principal of $1.4 million in July 2019, and commenced a pre-foreclosure action. Maverick took title through deed in lieu of foreclosure on March 25, 2023, acquiring title at that time through a transfer with a value of $2.2 million, which is often the total of principal, interest and fees for the defaulted loan.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maverick Real Estate Partners purchased five properties in four transactions for a total of $115.6 million and sold four properties in four transactions for a total of $9.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Aviram, head officer and Jose Ochoa, site manager. The business entities are Kinsey Equities Llc and Troy Ave Owner Llc. The 6,006-square-foot property generated revenue of $165,630 or $28 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 12 residential units in Crown Heights has 6,006 square feet of built space and 394 square feet of additional air rights for a total buildable of 6,395 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,632 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $815,000.

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 three DOB violations, 14 housing violations, and $450 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 36 of the 51 commercial properties representing 238,354 square feet of the 338,542 square feet. The largest owner is Yosef Hackner, followed by Jemcap and then Abe Pentelnik.
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 338,542 square feet of built space are walkup buildings, with mixed-use buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Maverick Real Estate Partners owned at least six commercial properties with 59 residential units in New York City with 207,196 square feet and a city-determined market value of $23.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 207,196 square feet of built space are hotel properties, with elevator properties next occupying 11 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Queens next at 14 percent of the space.

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