Krown Point pays $9M to Greystone for mixed-use building in Midtown

UPDATED: Reggie Kronstadt’s Krown Point Capital through the entity 300 East 50th Street Owner LLC paid $9 million to Greystone Development through the entity 932 2nd Ave. Realty LLC for mixed-use building (K4) at 932 2nd Avenue in Midtown, Manhattan. The building is part of a development site, where Krowne Point filed plans for a 114-unit building last month.
The deal closed on October 29, 2021 and was recorded on November 8, 2021.
The property has 6,329 square feet of built space and 13,075 square feet of additional air rights for a total buildable of 19,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,422 and the price per buildable square foot is $463 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 Greystone Development was Thomas Ryan. The signatory for Krown Point was Reggie Kronstadt.

Within a 400-foot radius of 932 2nd Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on October 22, 2021 for a 117,895-square-foot R-2 building with 114 residential units at 300 East 50th Street.
Of those four items, three were loans above $5 million totaling $35.8 million. The most recent of the three was Empire Management which borrowed $18.0 million from Dime Community Bank secured by the 21,150-square-foot, 25-unit rental (D7) on 242 East 50th Street and two other properties on June 23, 2021.

UPDATED: This post was updated at 12:56 p.m., November 9, 2021, with an addition of Kronstadt’s development company Krown Point Capital and noting this building is part of a development site with plans filed for 114 units.
CORRECTION: A previous version of this post misspelled the name of the company Krown Point Capital.

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