Pambar Realty pays $5.3M to Sugar Hill for 6-unit walkup in Greenpoint
Pambar Realty through the entity PR 231 N Henry LLC paid $5.3 million to Sugar Hill Capital Partners through the entity 231 North Henry Residences, LLC for the six-unit residential walkup building (C2) at 231 North Henry Street in Greenpoint, Brooklyn.
The deal closed on January 2, 2024 and was recorded on January 11, 2024. The property has 7,110 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $752 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 January 25, 2016, for $3 million. The signatory for Sugar Hill Capital Partners was Margaret Grossman. The signatory for Pambar Realty was Candido Fernandez. The contract date was November 20, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Pambar Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sugar Hill Capital Partners purchased one property in one transaction for a total of $10 million and sold 24 properties in 24 transactions for a total of $91.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development include Scott Castellano, head officer and Genesis Herrera, site manager. The business entities are Tri-Hill Management and 231 North Henry Residences, Llc. The 7,110-square-foot property generated revenue of $158,340 or $22 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 6 residential units in Greenpoint has 7,110 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,000 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 $2.1 million. The most recent loan totaled $5.3 million and was provided by New York Community Bank on August 26, 2022.
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 $625 in ECB penalties and $625 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 $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of 25 of the 26 commercial properties representing 125,940 square feet of the 133,540 square feet. The largest owner is Zygmunt Szumowski, followed by Yolanda Ziemak-Atson and then Arthur Dybanowski.
There are no active new building construction projects on this tax block.
The majority, or 85 percent of the 133,540 square feet of built space are walkup buildings, with mixed-use buildings next occupying 15 percent of the space.
The seller
The PincusCo database currently indicates that Sugar Hill Capital Partners owned at least 82 commercial properties with 1,593 residential units in New York City with 1,515,448 square feet and a city-determined market value of $189.5 million. (Market value is typically about 50% of actual value.) The portfolio has $142.3 million in debt, with top three lenders as Signature Bank, Citibank, and New York Community Bank respectively. Within the portfolio, the bulk, or 55 percent of the 1,515,448 square feet of built space are walkup properties, with elevator properties next occupying 32 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Brooklyn next at 31 percent of the space.
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