Moshe Koplowitz pays $2.8M for residential walkup in Greenpoint
Moshe Koplowitz through the entity Markland Newell LLC paid $2.8 million to Jason S. Greenberg through the entity 111 Newell Street Partners LLC for the eight-unit residential walkup building (C1) at 111 Newel Street in Greenpoint, Brooklyn.
The deal closed on February 21, 2024 and was recorded on March 5, 2024. The property has 5,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $550 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 June 15, 2015, for $2.2 million. The signatory for Jason S. Greenberg was Daniel Zuckerman. The signatory for Moshe Koplowitz was Moshe Koplowitz. The contract date was November 16, 2023. Jason S. Greenberg signed as borrower manager in 2017.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Moshe Koplowitz purchased two properties in two transactions for a total of $3.3 million and has no record it sold any properties over the past 24 months.
The seller Jason S. Greenberg 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 Jason Greenberg, head officer and David Cohen, site manager. The business entity is 111 Newell Street Partners Llc.
The property
The residential walkup building with 8 residential units in Greenpoint has 5,000 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 2,499 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 received one DOB violation and six housing 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 16 of the 21 commercial properties representing 74,063 square feet of the 114,343 square feet. The largest owner is Waldemar Cedrowski, followed by Thomas A. Lojko and then Mortar Group.
There are no active new building construction projects on this tax block.
The majority, or 59 percent of the 114,343 square feet of built space are walkup buildings, with office buildings next occupying 22 percent of the space.
The seller
The PincusCo database currently indicates that Jason S. Greenberg owned at least one commercial property with eight residential units in New York City with 5,000 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
The buyer
The PincusCo database currently indicates that Moshe Koplowitz owned at least 15 commercial properties with eight residential units in New York City with 102,789 square feet and a city-determined market value of $11.4 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Flushing Bank. Within the portfolio, the bulk, or 38 percent of the 102,789 square feet of built space are retail properties, with M9 properties next occupying 29 percent of the space. The bulk, or 67 percent of the built space, is in Queens, with Brooklyn next at 27 percent of the space.
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