Partnership pays $4.5M to LTNG for dev site in Greenpoint

Updated 9:15 a.m. October 22, 2024: A partnership including David Kaykov through the entity 151 Freeman Street LLC paid $4.5 million to LTNG through the entity 151 Freeman Street Owner LLC for the development site at 151 to 153 Freeman Street in Greenpoint, Brooklyn.
On these lots, there is one active new building construction project, 321599267, for a six-unit, 4,979 square-foot R-2 building. The project was submitted by Asaf Ben-Nun with plans filed December 10, 2020 and permitted July 12, 2021.
The deal closed on October 10, 2024 and was recorded on October 21, 2024. The two properties have 3,900 square feet of built space and 6,100 square feet of additional air rights for a total buildable of 10,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,153 and the price per buildable square foot is $450 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 LTNG was Alon Yaacoby. The signatory for the buyers was Daniel Kaykov. The contract date was September 13, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Poise Property Group purchased two properties in two transactions for a total of $19.2 million and has no record it sold any properties over the past 24 months.
The seller LTNG had not purchased any other properties and sold one property in one transaction for a total of $5.6 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Oded Ben-Nun, head officer. The business entity is 151 Freeman Street Owner Llc. Out of the two properties, one with a total of 3,900 square feet of built space generated revenue of $98,709 per year.

The property

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 $1.3 million. The most recent loan totaled $5.3 million and was provided by SME Capital on March 9, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations, $1,280 in ECB penalties in the last year.

The block

On the tax block of 153 Freeman Street, PincusCo has identified the owners of 36 of the 42 commercial properties representing 160,068 square feet of the 183,623 square feet. The largest owner is Manjula Mukhopadhyay, followed by Malina Nealis and then Michael Gut.
On the tax block, there was one new building construction project filed totaling 4,979 square feet. It is a six-unit, 4,979 square-foot residential (R-2) building submitted by Asaf Ben-Nun with plans filed December 10, 2020 and permitted July 12, 2021.

The majority, or 77 percent of the 183,623 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that LTNG owned at least three commercial properties with nine residential units in New York City with 6,400 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 6,400 square feet of built space are walkup properties, with C0 properties next occupying 39 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Poise Property Group owned at least two commercial properties with 26 residential units in New York City with 49,849 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 85 percent of the 49,849 square feet of built space are elevator properties, with I9 properties next occupying 15 percent of the space. They are all located in Brooklyn.

Correction: an earlier version of this post incorrectly identified Poise Property Group as the buyer.

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