Penn South Capital pays $2.8M for 3-family in Greenpoint

Penn South Capital through the entity Java By Grogu LLC paid $2.8 million through an estate sale to Frances Slawski through the entity Estate Of Frances Slawski for the three-unit building (C0) at 133 Java Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on February 4, 2025 and was recorded on February 25, 2025. The property has 3,048 square feet of built space and 1,950 square feet of additional air rights for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $918 and the price per buildable square foot is $560 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 Frances Slawski was Richard Slawski. The signatory for Penn South Capital was Parag Sawhney . The contract date was December 11, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Penn South Capital purchased 13 properties in 12 transactions for a total of $68.4 million and sold five properties in five transactions for a total of $24.7 million over the past 24 months.
The seller Frances Slawski 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 Frances Slawski, individual owner and Paul Dabrowski, site manager.

The property

The 1-4 family building with 3 residential units in Greenpoint has 3,048 square feet of built space and 1,950 square feet of additional air rights for a total buildable of 5,000 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 2,500 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 $3.1 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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 18 of the 22 commercial properties representing 184,572 square feet of the 197,572 square feet. The largest owner is Pistilli Realty, followed by Krystyna Myssura and then Czeslaw Musial.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 197,572 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Penn South Capital owned at least 24 commercial properties with 225 residential units in New York City with 160,642 square feet and a city-determined market value of $74.6 million. (Market value is typically about 50% of actual value.) The portfolio has $99.3 million in debt, with top three lenders as KeyBank, Shelter Growth Capital Partners, and Midcap Financial respectively. Within the portfolio, the bulk, or 64 percent of the 160,642 square feet of built space are walkup properties, with C3 properties next occupying 10 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.

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