Peak Capital Advisors pays $3M for 6-unit walkup in Williamsburg

Peak Capital Advisors through the entity 724 Metropolitan Owner LLC paid $3 million to Valerie Bowe through the entity Mcbowe Properties, LLC for the six-unit residential walkup building (C2) at 724 Metropolitan Avenue in Williamsburg, Brooklyn.
The deal closed on June 8, 2023 and was recorded on June 13, 2023. The property has 5,700 square feet of built space and 4,432 square feet of additional air rights for a total buildable of 10,132 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $526 and the price per buildable square foot is $296 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 October 17, 2003, for $230,000. The signatory for Valerie Bowe was Valerie Bowe. 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 27 properties in 24 transactions for a total of $142.2 million and has no record it sold any properties over the past 24 months.
The seller Valerie Bowe 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 Timothy Bowe, head officer and Eve Mccann, site manager. The business entity is Mcbowe Properties.

The property

The residential walkup building with 6 residential units in Williamsburg has 5,700 square feet of built space and 4,432 square feet of additional air rights for a total buildable of 10,132 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 2,533 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. 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 for the past 24 months. In addition, according to city public data, the property has received $600 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 eight of the 16 commercial properties representing 135,920 square feet of the 178,170 square feet. The largest owner is Timothy Bowe, followed by Sabino Donza and then Oak Tree Residential.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 178,170 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Valerie Bowe owned at least one commercial property with six residential units in New York City with 5,700 square feet and a city-determined market value of $1.3 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 37 commercial properties with 359 residential units in New York City with 317,642 square feet and a city-determined market value of $95.2 million. (Market value is typically about 50% of actual value.) The portfolio has $111 million in debt, with top three lenders as Amalgamated Bank, Prime Finance Partners, and Derby Copeland Capital respectively. Within the portfolio, the bulk, or 82 percent of the 317,642 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. The bulk, or 37 percent of the built space, is in Queens, with Brooklyn next at 36 percent of the space.

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