Peak Capital Advisors pays $3.3M for 8-unit walkup in Greenpoint

Peak Capital Advisors through the entity 101 Greenpoint Owner LLC paid $3.3 million to Jan Sliwowski for the eight-unit residential walkup building (C1) at 101 Greenpoint Avenue in Greenpoint, Brooklyn.
The deal closed on November 22, 2022 and was recorded on December 5, 2022.The property has 6,500 square feet of built space and 617 square feet of additional air rights for a total buildable of 7,125 square feet according to PincusCo analysis of city data. The sale price per built square foot is $506 and the price per buildable square foot is $462 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 Jan Sliwowski was Jan Sliwowski. The signatory for Peak Capital Advisors was Alex Rabin.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Peak Capital Advisors purchased 20 properties in 17 transactions for a total of $109.5 million and has no record it sold any properties over the past 24 months.
The seller Jan Sliwowski 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 Jan Sliwowski, joint owner and Sylvia Sliwowski, agent.

The property

The 101 Greenpoint Avenue parcel has frontage of 25 feet and is 95 feet deep with a total lot size of 2,375 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Greenpoint Historic District. The city-designated market value for the property in 2022 is $2 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 block

On this tax block, PincusCo has identified the owners of 31 of the 38 commercial properties representing 222,170 square feet of the 258,284 square feet. The largest owner is CSC Coliving, followed by Ivan Markovich and then Henry Kielmanowicz.
there are no active new building construction projects on this tax block.

the majority, or 60 percent of the 258,284 square feet of built space are walkup buildings, with mixed-use buildings next occupying 40 percent of the space.

The seller

The PincusCo database currently indicates that Jan Sliwowski owned at least one commercial property in New York City with 6,500 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Peak Capital Advisors owned at least 21 commercial properties in New York City with 225,898 square feet and a city-determined market value of $56.2 million. (Market value is typically about 50% of actual value.) The portfolio has $82.2 million in debt, with top three lenders as Prime Finance Partners, Prime Finance, and Amalgamated Bank respectively. Within the portfolio, the bulk, or 95 percent of the 225,898 square feet of built space are walkup properties, with mixed-use properties next occupying 5 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.

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