Platinum Realty pays $3.5M for development in Bergen Beach

Platinum Realty Associates through the entity 7001 Ave U NY LLC paid $3.5 million to Lori Falco Greenberg through the entity 7001 East 71st Street LLC for the development building (V1) at 7001 Avenue U in Bergen Beach, Brooklyn. The expected use is ground up development.
The deal closed on May 16, 2025 and was recorded on May 29, 2025. The property has zero square feet of built space and 14,650 square feet of additional air rights for a total buildable of 14,650 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $242 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 June 16, 2011, for $2.3 million. The signatory for Lori Falco Greenberg was Lori Falco Greenberg. The signatory for Platinum Realty Associates was David Koptiev . The contract date was March 3, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Platinum Realty Associates purchased 13 properties in 10 transactions for a total of $44.9 million and sold two properties in one transaction for a total of $4 million over the past 24 months.
The seller Lori Falco Greenberg had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 200 feet and is 218 feet deep with a total lot size of 29,300 square feet. The lot is irregular. The zoning is R3-1 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 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 neighborhood

In Bergen Beach, The bulk, or 39 percent of the 951,589 square feet of commercial built space are specialty buildings, with retail buildings next occupying 27 percent of the space. In sales, Bergen Beach has the 42nd highest sale turnover among other neighborhoods in Brooklyn with $32.5 million in sales volume in the last two years. For development, Bergen Beach has had very little major development activity relative to other neighborhoods.It had 211,009 square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are development.

The seller

The PincusCo database currently indicates that Lori Falco Greenberg owned at least one commercial property with eight residential units in New York City with 4,320 square feet and a city-determined market value of $2.2 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 Platinum Realty Associates owned at least 89 commercial properties with 60 residential units in New York City with 535,360 square feet and a city-determined market value of $115.1 million. (Market value is typically about 50% of actual value.) The portfolio has $54.2 million in debt, with top three lenders as Signature Bank, First National Bank of Long Island, and Customers Bank respectively. Within the portfolio, the bulk, or 67 percent of the 535,360 square feet of built space are retail properties, with mixed-use properties next occupying 25 percent of the space. The bulk, or 58 percent of the built space, is in Queens, with Brooklyn next at 35 percent of the space.

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