Nadav Ohana pays $2.9M for mixed-use in Greenpoint

Nadav Ohana through the entity 1110 Manhattan Group LLC paid $2.9 million to Jose A. Roque, Carmen Roque and others for the two-unit mixed-use building (S2) at 1110 Manhattan Avenue in Greenpoint, Brooklyn.
The deal closed on May 18, 2023 and was recorded on June 2, 2023. The property has 3,750 square feet of built space and 6,247 square feet of additional air rights for a total buildable of 9,996 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $760 and the price per buildable square foot is $285 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 Jose A. Roque and Carmen Roque was Jose A. Roque and Carmen Roque. The signatory for Nadav Ohana was Nadav Ohana.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nadav Ohana had purchased any other properties and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller Jose A. Roque had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Greenpoint has 3,750 square feet of built space and 6,247 square feet of additional air rights for a total buildable of 9,996 square feet 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 R7A which allows for up to 4 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 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 2 times the average sales volume among other neighborhoods with $715.8 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Greenpoint has 2.6 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one 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 23 of the 32 commercial properties representing 137,126 square feet of the 176,193 square feet. The largest owner is Zbigniew Jakubiak, followed by Viking Management and then Balgobin Ramcharan.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 176,193 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

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