Mortar Group pays $3.2M for 8-unit walkup in Greenpoint

Mortar Group through the entity 212 Huron MG LLC paid $3.2 million to James Vaneski for the eight-unit residential walkup building (C1) at 212 Huron Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on May 15, 2025 and was recorded on May 22, 2025. The property has 5,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $577 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 James Vaneski was James Vaneski, who is also known as James Sosa. The signatory for Mortar Group was Anthony Morena . The contract date was December 23, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mortar Group purchased two properties in two transactions for a total of $4.7 million and has no record it sold any properties over the past 24 months.
The seller James Vaneski had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes James Sosa, individual owner.

The property

The residential walkup building with 8 residential units in Greenpoint has 5,500 square feet of built space 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 2,500 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 $2 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 not received any significant violations 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 29 of the 37 commercial properties representing 192,163 square feet of the 221,144 square feet. The largest owner is Gdc Properties, followed by Peak Capital Advisors and then Peter Kostakopoulos.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 221,144 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Mortar Group owned at least six commercial properties with 72 residential units in New York City with 28,347 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) The portfolio has $47.6 million in debt, with top three lenders as Hirshmark Capital, DR Bank, and Popular Bank respectively. Within the portfolio, the bulk, or 46 percent of the 28,347 square feet of built space are elevator properties, with walkup properties next occupying 35 percent of the space. The bulk, or 78 percent of the built space, is in Brooklyn, with Queens next at 22 percent of the space.

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