Peak Capital Advisors pays $9.4M for properties in Gramercy, Greenpoint
Peak Capital Advisors in two unrelated acquisitions paid a total of $9.4 million for a building in Gramercy and another in Greenpoint.
In the larger, Peak Capital Advisors through the entity GG 282 3rd Avenue LLC paid $5.7 million to Paul Lamarca through the entity Lamarca Realty Co. for the four-unit mixed-use building at 282 Third Avenue in Gramercy, Manhattan.
The deal closed on December 21, 2021 and was recorded on January 25, 2022.
The property has 5,900 square feet of built space and 12,843 square feet of additional air rights for a total buildable of 18,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $970 and the price per buildable square foot is $305 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 Paul Lamarca was Paul Lamarca. The signatory for Peak Capital Advisors was company founder Alex Rabin.
Prior to this transaction, the buyer Peak Capital Advisors purchased three properties in three transactions for a total of $9 million and had not sold any properties over the past 24 months.
The 5,900-square-foot property generated revenue of $324,677 or $55 per square foot, according to the most recent income and expense figures.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $20,000.
In Gramercy, the bulk, or 46 percent of the 16.4 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 19 percent of the space. In sales, Gramercy has had very little sales volume relative to other neighborhoods with $125.7 million in sales volume in the last two years. For development, Gramercy has 1.4 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
On the tax block, the majority, or 38 percent of the 1.2 million square feet of built space are specialty buildings, with residential elevator buildings next occupying 32 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Joseph Lamarca, head officer and Paul Lamarca, officer. The business entity was Lamarca Realty Co.
Within a 400-foot radius of 282 3rd Avenue, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
One of those five items was a sale which SMA Equities bought the 7,000-square-foot development site (V1) on 397 Third Avenue and 10 other properties for $5 million from 295 Third Avenue condo board on June 9, 2020.
Of those five items, four were loans above $5 million totaling $138.7 million. The most recent of the four was SMA Equities which borrowed $39 million from Bank Leumi secured by the 12,990-square-foot development site (V1) on 397 Third Avenue and one other property on July 7, 2021.
Direct link to Acris document. link
In the second transaction, Peak Capital Advisors through the entity 131 Greenpoint Owner LLC paid $3.7 million to Anthony Wala through the entity Wala Apartementi LLC for six-unit mixed-use building at 131 Greenpoint Avenue in Greenpoint, Brooklyn.
The deal closed on December 23, 2021 and was recorded on January 25, 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 $565 and the price per buildable square foot is $515 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 1, 2012, for $1.3 million.
The signatory for Anthony Wala was Anthony Wala. The signatory for Peak Capital Advisors was Alex Rabin.
The 6,500-square-foot property generated revenue of $196,755 or $30 per square foot, according to the most recent income and expense figures.
In Greenpoint, the bulk, or 23 percent of the 29.6 million square feet of built space are residential walkup buildings, with industrial buildings next occupying 21 percent of the space. In sales, Greenpoint has 1.6 times the average sales volume among other neighborhoods with $450.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 3.7 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
On the tax block, the majority, or 41 percent of the 376,368 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 29 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Lianna Wala, head officer and Anthony Wala, officer. The business entity is Wala Apartementi Llc.
Within a 400-foot radius of 131 Greenpoint Avenue, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on January 14, 2022 for the $1.6 million renovation of 20,989-square-foot COM building with 0 residential units at 144 Greenpoint Avenue.
Of those seven items, three were sales above $5 million totaling $55.2 million. The most recent of the three was David Katz which bought the 14,400-square-foot, one-unit mixed-use building (K2) on 144 Greenpoint Avenue for $6.2 million from Cayuga Capital Management on July 22, 2021.
Of those seven items, three were loans above $5 million totaling $43.4 million. The most recent of the three was Cayuga Capital Management which borrowed $5 million from Hirshmark Capital secured by the 14,400-square-foot, one-unit mixed-use building (K2) on 144 Greenpoint Avenue on October 29, 2020.
Direct link to Acris document. link