Nathaniel Evelkin pays $6M for industrial in Greenpoint

Nathaniel Evelkin through the entity Phreedom LLC paid $6 million to Richard Leiter through the entity Leitco Corp. for the industrial building (F9) at 270 Freeman Street in Greenpoint, Brooklyn.
The deal closed on January 13, 2023 and was recorded on January 20, 2023. The property has 18,910 square feet of built space and 3,865 square feet of additional air rights for a total buildable of 22,738 square feet according to PincusCo analysis of city data. The sale price per built square foot is $317 and the price per buildable square foot is $263 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 Richard Leiter was Richard Leiter. The signatory for Nathaniel Evelkin was Nathaniel Evelkin.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nathaniel Evelkin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Richard Leiter had not purchased any other properties and had not sold any properties over the same time period. The 18,910-square-foot property generated revenue of $296,530 or $16 per square foot, according to the most recent income and expense figures.

The property

The 270 Freeman Street parcel has frontage of 75 feet and is 150 feet deep with a total lot size of 11,369 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.3 million.

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 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 $5 million on this tax lot.

The neighborhood

In Greenpoint, the bulk, or 30 percent of the 22.7 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 27 percent of the space. In sales, Greenpoint has 2 times the average sales volume among other neighborhoods with $698.9 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Greenpoint has 3.1 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 23 commercial properties representing 65,465 square feet of the 119,338 square feet. The largest owner is Ofir Kahati, followed by Moses Mizrahi and then Mohammed Mumtaz.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 119,338 square feet of built space are industrial buildings, with specialty buildings next occupying 32 percent of the space.

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