Partners Path sells 6-unit walkup in Greenpoint for $3.6M

The entity GMB Leonard LLC paid $3.6 million to Partners Path through the entity 590 Leonard Owner LLC for the six-unit residential walkup building (C2) at 590 Leonard Street in Greenpoint, Brooklyn.
The deal closed on June 21, 2023 and was recorded on July 6, 2023. The property has 4,875 square feet of built space and 124 square feet of additional air rights for a total buildable of 4,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $748 and the price per buildable square foot is $730 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 December 1, 2017, for $2.9 million. The signatory for Partners Path was Michael Kalt. The signatory for Gmb Leonard LLC was Steven Noto.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Partners Path purchased seven properties in seven transactions for a total of $21.8 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Alex Lebowitz, head officer and Xavier Maintenance, site manager. The business entity is 590 Leonard Owner LLC. The 4,875-square-foot property generated revenue of $108,566 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 4,875 square feet of built space and 124 square feet of additional air rights for a total buildable of 4,998 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 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 $1.8 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 received four DOB violations, one housing violation, and $50 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 11 of the 21 commercial properties representing 56,360 square feet of the 88,097 square feet. The largest owner is Stella Drozdewicz, followed by Stanislaw Cisowski and then John Jakubiak.
On the tax block, there was one new building construction project filed totaling 4,991 square feet. It is a two-unit, 4,991 square-foot residential (R-3) building submitted by Asaf Ben-Nun with plans filed January 5, 2021 and permitted September 20, 2021.

The majority, or 57 percent of the 88,097 square feet of built space are mixed-use buildings, with walkup buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Partners Path owned at least 10 commercial properties with 59 residential units in New York City with 52,202 square feet and a city-determined market value of $12.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 60 percent of the 52,202 square feet of built space are walkup properties, with mixed-use properties next occupying 40 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Queens next at 19 percent of the space.

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