Northpath Investments pays $1.3M for 6-unit walkup in Bushwick

Northpath Investments through the entity Migdal10 Management 2010 LLC paid $1.3 million to the entity 232 Stanhope Partners LLC for the six-unit residential walkup building (C2) at 232 Stanhope Street in Bushwick, Brooklyn.
The deal closed on October 14, 2022 and was recorded on November 4, 2022. The property has 4,875 square feet of built space and 1,200 square feet of additional air rights for a total buildable of 6,075 square feet according to PincusCo analysis of city data. The sale price per built square foot is $262 and the price per buildable square foot is $210 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 March 2, 2016, for $1.4 million. The signatory for the seller was Eric Krantz. The signatory for Northpath Investments was Roni Abudi.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Northpath Investments purchased two properties in two transactions for a total of $8.6 million and has no record it sold any properties over the past 24 months.
The seller had not purchased any other properties and sold one properties in one transactions for a total of $4.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Eric Krantz, head officer and Sam Castro, site manager. The business entity is 232 Stanhope Partners Llc. The 4,875-square-foot property generated revenue of $91,943 or $19 per square foot, according to the most recent income and expense figures.

The property

The 232 Stanhope Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. 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 $1 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 received 54 housing violations and $2,575 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 23 of the 45 commercial properties representing 105,450 square feet of the 249,950 square feet. The largest owner is Deodat Lowtan, followed by All Year Management and then Tzvi Moskowitz.
there are no active new building construction projects on this tax block.

The majority, or 75 percent of the 249,950 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Northpath Investments owned at least two commercial properties in New York City with 16,966 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

Correction: A prior version of the post identified the seller as KGP Management.

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