Namdar, Klosed pay $3.1M for 16-unit walkup in Greenpoint

Namdar Realty Group and Klosed Properties through the entity 219 Kingsland BH LLC paid $3.1 million to Giovanni Gigante through the entity Caterina LLC for the 16-unit residential walkup building (C1) at 219 Kingsland Avenue in Greenpoint, Brooklyn.
The deal closed on August 1, 2022 and was recorded on August 9, 2022. The property has 10,380 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $303 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 Giovanni Gigante was Giovanni Gigante. The signatory for Namdar Realty Group and Klosed Properties was Steven Kashanian.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Namdar Realty Group purchased 14 properties in 11 transactions for a total of $169.7 million and has no record it sold any properties over the past 24 months.
The seller Giovanni Gigante 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 Serafina Iuliano, individual owner and Doriano Gigante, agent. The 10,380-square-foot property generated revenue of $224,722 or $22 per square foot, according to the most recent income and expense figures.

The property

The 219 Kingsland Avenue parcel has frontage of 29 feet and is 100 feet deep with a total lot size of 2,915 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 $828,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two housing violations and $630 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 25 of the 26 commercial properties representing 207,865 square feet of the 218,245 square feet. The largest owner is NYC Department of Education, followed by Roza Klich and then Alexander Polischuk.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 218,245 square feet of built space are walkup buildings, with specialty buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Namdar Realty Group owned at least 58 commercial properties in New York City with 950,396 square feet and a city-determined market value of $175.1 million. (Market value is typically about 50% of actual value.) The portfolio has $150.6 million in debt, with top three lenders as Benefit Street Partners, Signature Bank, and Ladder Capital respectively. Within the portfolio, the bulk, or 33 percent of the 950,396 square feet of built space are walkup properties, with office properties next occupying 20 percent of the space. The bulk, or 57 percent of the built space, is in Manhattan, with Bronx next at 24 percent of the space.
The PincusCo database currently indicates that Klosed Properties owned at least 49 commercial properties in New York City with 572,769 square feet and a city-determined market value of $86 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 47 percent of the 572,769 square feet of built space are walkup properties, with industrial properties next occupying 19 percent of the space. The bulk, or 39 percent of the built space, is in Bronx, with Manhattan next at 30 percent of the space.

Direct link to Acris document. link