Phipps Houses pays $12M to Mattone Investors, partner for dev site in Cypress Hills

Phipps Houses through the entity Ph 3189 Atlantic LLC paid $12 million to Mattone Investors and James J. Mannix Jr. through the entity 3189 Atlantic Ave LLC for the development site that is currently a retail building (K5) at 3179 Atlantic Avenue in Cypress Hills, Brooklyn. The expected use is ground up development.
The deal closed on November 19, 2025 and was recorded on December 1, 2025. The property has 3,300 square feet of built space and 162,362 square feet of additional air rights for a total buildable of 165,664 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $72 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 Mattone Investors and James J. Mannix Jr. was James J. Mannix Jr., Michael X. Mattone , and Christopher J. Todd. The signatory for Phipps Houses was Michael Wadman . The contract date was July 25, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Phipps Houses purchased 12 properties in four transactions for a total of $22.9 million and has no record it sold any properties over the past 24 months.
The seller Mattone Investors had not purchased any other properties and had not sold any properties over the same time period. The 3,300-square-foot property generated revenue of $390,511 or $118 per square foot, according to the most recent income and expense figures.

The property

The retail building in Cypress Hills has 3,300 square feet of built space and 162,362 square feet of additional air rights for a total buildable of 165,664 square feet according to a PincusCo analysis of city data. The parcel has frontage of 177 feet and is 142 feet deep with a total lot size of 27,519 square feet. The lot is irregular. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times 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 received $1,250 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 neighborhood

In Cypress Hills, The bulk, or 24 percent of the 8.6 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 20 percent of the space. In sales, Cypress Hills has had very little sales volume relative to other neighborhoods with $86.9 million in sales volume in the last two years. For development, Cypress Hills has near average amount of major developments among other neighborhoods and is the 11th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 22 commercial properties representing 2,085 square feet of the 87,667 square feet. The identified owner is Ydelfonso R. Reyes.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 87,667 square feet of built space are industrial buildings, with mixed-use buildings next occupying 40 percent of the space.

The seller

The PincusCo database currently indicates that Mattone Investors owned at least 13 commercial properties in New York City with 671,773 square feet and a city-determined market value of $137 million. (Market value is typically about 50% of actual value.) The portfolio has $91.1 million in debt, with top three lenders as Bethpage Federal Credit Union, Barclays, and Mattone Investors respectively. Within the portfolio, the bulk, or 65 percent of the 671,773 square feet of built space are mixed-use properties, with retail properties next occupying 35 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Phipps Houses owned at least 100 commercial properties with 5,913 residential units in New York City with 6,227,862 square feet and a city-determined market value of $545.9 million. (Market value is typically about 50% of actual value.) The portfolio has $1.6 billion in debt, with top three lenders as NYC Housing Development Corporation, Citibank, and Citibank respectively. Within the portfolio, the bulk, or 65 percent of the 6,227,862 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 44 percent of the built space, is in Bronx, with Manhattan next at 31 percent of the space.

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