Midwood Investment sells mixed-use in Greenpoint for $6.3M

Bashir A. Alsaedi and Sadeeq A. Alsaedi through the entity 626 Manhattan Ave LLC paid $6.3 million to Midwood Investment & Development through the entity 550 Long Beach LLC for the two-unit mixed-use building (K4) at 626 Manhattan Avenue in Greenpoint, Brooklyn.
The deal closed on October 12, 2023 and was recorded on November 2, 2023. The property has 4,050 square feet of built space and 1,574 square feet of additional air rights for a total buildable of 5,622 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,567 and the price per buildable square foot is $1,129 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 November 17, 2016, for $6 million. The signatory for Midwood Investment & Development was Bryan Banks. The signatory for Bashir A. Alsaedi and Sadeeq A. Alsaedi was Bashir A. Alsaedi. The contract date was June 30, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bashir A. Alsaedi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Midwood Investment & Development purchased two properties in two transactions for a total of $119 million and sold two properties in two transactions for a total of $36.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes John Usdan, head officer and Danny Patel, agent. The business entity is 550 Long Beach Llc.

The property

The mixed-use building with 2 residential units in Greenpoint has 4,050 square feet of built space and 1,574 square feet of additional air rights for a total buildable of 5,622 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,874 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.3 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 $1,080 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 1.8 times the average sales volume among other neighborhoods with $650.5 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Greenpoint has 2.2 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 21 of the 26 commercial properties representing 102,133 square feet of the 127,776 square feet. The largest owner is Timothy Murawski, followed by Stratford Development Company and then Danuta Golaszewski.
On the tax block, there was one new building construction project filed totaling 5,022 square feet. It is a four-unit, 5,022 square-foot residential (R-2) building submitted by Declan Mcloughlin with plans filed December 15, 2015 and it has not been permitted yet.

The majority, or 66 percent of the 127,776 square feet of built space are mixed-use buildings, with walkup buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Midwood Investment & Development owned at least four commercial properties with 159 residential units in New York City with 216,639 square feet and a city-determined market value of $63.3 million. (Market value is typically about 50% of actual value.) The portfolio has $102.7 million in debt, with top three lenders as MetLife, Valley National Bank, and Woodmen of the World Life Insurance Society respectively. Within the portfolio, the bulk, or 66 percent of the 216,639 square feet of built space are elevator properties, with retail properties next occupying 22 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 30 percent of the space.

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