N3 Partners pays $2.3M for mixed-use in Bushwick

N3 Partners through the entity Jefferson Evergreen Mgmt LLC paid $2.3 million to Marino Garcia through the entity 92 Jefferson Street, LLC for the four-unit mixed-use building (S4) at 144 Evergreen Avenue in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on May 12, 2025 and was recorded on May 14, 2025. The property has 4,574 square feet of built space and 645 square feet of additional air rights for a total buildable of 5,229 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $502 and the price per buildable square foot is $439 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 Marino Garcia was Marino A. Garcia . The signatory for N3 Partners was Idan Ariav . The contract date was January 15, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer N3 Partners purchased one property in one transaction for a total of $3 million and has no record it sold any properties over the past 24 months.
The seller Marino Garcia 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 Marino Garcia, individual owner and Francisco Garcia, site manager.

The property

The mixed-use building with 4 residential units in Bushwick has 4,574 square feet of built space and 645 square feet of additional air rights for a total buildable of 5,229 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 78 feet deep with a total lot size of 2,152 square feet. The lot is irregular. 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 $747,200.

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 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 neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2.3 times the average sales volume among other neighborhoods with $606.3 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 866,227 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were three 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 19 of the 31 commercial properties representing 124,129 square feet of the 183,382 square feet. The largest owner is Aron Kapelyus, followed by Graph Group and then Gabriel Grunblatt.
On the tax block, there were three new building construction projects totaling 17,228 square feet. The largest is a eight-unit, 6,478 square-foot residential (R-2) building submitted by Tomer Hillel and filed by Tomer Hillel with plans filed April 1, 2024 and it has not been permitted yet. The second largest is a eight-unit, 5,471 square-foot residential (R-2) building submitted by Joel Kaufman with plans filed April 8, 2019 and permitted March 3, 2020.

The majority, or 80 percent of the 183,382 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.

The buyer

The PincusCo database currently indicates that N3 Partners owned at least one commercial property with four residential units in New York City with 2,100 square feet and a city-determined market value of $810,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C3 property. It is located in Brooklyn.

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