Regal Ventures pays $8.9M for commercial condo in Cobble Hill

Regal Ventures through the entity Regal 112 Atlantic Ave LLC paid $8.9 million to Avery Hall Investments and OTL Enterprises through the entity Henry Atlantic Partners LLC for a commercial condominium unit at 325 Henry Street in Cobble Hill, Brooklyn.
The deal closed on November 29, 2022 and was recorded on December 13, 2022.The property has 7,765 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,149 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 Avery Hall Investments and OTL Enterprises was Martin Shaw and Angelo Consentini. The signatory for Regal Ventures was Kheder Fatiha.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Regal Ventures had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Avery Hall Investments purchased three properties in two transactions for a total of $8.5 million and sold one properties in one transactions for a total of $1.5 million over the same time period.

The property

The 325 Henry St parcel has a total lot size of 7,765 square feet. The city-designated market value for the property in 2022 is $1.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot. On the tax lot, the most recent condominium plan was filed by HENRY ATLANTIC PARTNERS LLC to create 8 residential units and 1 commercial units in a building at 325 Henry Street in Cobble Hill, Brooklyn, called 325 Henry Street Condominium that has a $42.2 million sellout, according to an December 29, 2015 submission to the New York State Attorney General.The principals of the sponsor, HENRY ATLANTIC PARTNERS LLC, were John Carson, Angelo Cosentini, Avishy Fisher, Remote, Llc Henry Atlantic Manager, and Brian Ross Ezra.

The block

On this tax block, PincusCo has identified the owners of two of the 19 commercial properties representing 12,750 square feet of the 114,307 square feet. The two identified owners are Frank Valvo Living Trust and Alchemy Ventures.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 99,107 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Avery Hall Investments owned at least four commercial properties in New York City with 241,381 square feet and a city-determined market value of $34.7 million. (Market value is typically about 50% of actual value.) The portfolio has $176 million in debt, borrowed from QuadReal Property Group. Within the portfolio, the bulk, or 97 percent of the 241,381 square feet of built space are elevator properties, with industrial properties next occupying 3 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Regal Ventures owned at least one commercial property in New York City with 16,617 square feet and a city-determined market value of $11.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.

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