Rockpoint pays $66.3M to Double U Realty for 45-unit rental, retail in Williamsburg

Rockpoint Group through the entity 56n9 Owner LLC paid $66.3 million to Double U Realty through the entity Ronit Realty I LLC for the 45-unit rental condominium unit and the retail condo uni at 56 North 9th Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on July 21, 2025 and was recorded on August 4, 2025. The two properties have 92,108 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $719 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 Double U Realty was Michael Weitzman . The signatory for Rockpoint Group was Ron J. Hoyl . The contract date was March 27, 2025.

Rockpoint Group financed the purchase with a $44.8 million loan from Truist Bank.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rockpoint Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Double U Realty purchased one property in one transaction for a total of $8.9 million and sold one property in one transaction for a total of $4 million over the same time period.

The property

The rental  and retail condos with 45 residential units in Williamsburg has 92,108 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 65,390 square feet. The property has a 421A exemption that started in 2020 and expires in 2045. The city-designated market value for the property in 2022 is $15.4 million. The most recent loan totaled $41.5 million and was provided by GIM Commercial Mortgage Loan Fund on December 20, 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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 56 North 9th Street, PincusCo has identified the owners of five of the nine commercial properties representing 89,948 square feet of the 107,454 square feet. The largest owner is Broadway Stages, followed by Sophie Chea and then Flatiron Real Estate Advisors.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 107,454 square feet of built space are elevator buildings, with specialty buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Double U Realty owned at least six commercial properties with 59 residential units in New York City with 88,285 square feet and a city-determined market value of $16.5 million. (Market value is typically about 50% of actual value.) The portfolio has $203.8 million in debt, with top three lenders as Gim Commercial Mortgage Loan Fund, Citibank, and S3 Capital respectively. Within the portfolio, the bulk, or 65 percent of the 88,285 square feet of built space are mixed-use properties, with retail properties next occupying 18 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Rockpoint Group owned at least 12 commercial properties with 9,582 residential units in New York City with 7,725,226 square feet and a city-determined market value of $818.9 million. (Market value is typically about 50% of actual value.) The portfolio has $942.7 million in debt, with top three lenders as Wells Fargo, Apollo Global Management, and KKR & Co. respectively. Within the portfolio, the bulk, or 91 percent of the 7,725,226 square feet of built space are elevator properties, with industrial properties next occupying 9 percent of the space. The bulk, or 88 percent of the built space, is in Brooklyn, with Manhattan next at 12 percent of the space.

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