Ryan Forman pays $3.9M to Maverick for 16-unit walkup in Brooklyn Heights

Ryan Forman through the entity 56 Pierrepont Owner LLC paid $3.9 million to Maverick Real Estate Partners through the entity Pierrepont Owner LLC for the 16-unit residential walkup building (C1) at 56 Pierrepont Street in Brooklyn Heights, Brooklyn.
The deal closed on September 26, 2023 and was recorded on October 5, 2023. The property has 8,086 square feet of built space and 499 square feet of additional air rights for a total buildable of 8,596 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $482 and the price per buildable square foot is $453 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 December 31, 2020, for $2.8 million. The signatory for Maverick Real Estate Partners was Edward Martell. The signatory for Ryan Forman was Ryan Forman. The contract date was June 26, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ryan Forman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maverick Real Estate Partners purchased five properties in four transactions for a total of $115.6 million and sold five properties in five transactions for a total of $11.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Edward Martell, head officer and Marisa Kinsey, agent. The business entities are Kinsey Equities LLC and Pierrepont Owner.

The property

The residential walkup building with 16 residential units in Brooklyn Heights has 8,086 square feet of built space and 499 square feet of additional air rights for a total buildable of 8,596 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $1.3 million.

Violations and lawsuits

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 block

On this tax block, PincusCo has identified the owners of 13 of the 15 commercial properties representing 182,620 square feet of the 204,066 square feet. The largest owner is Stanley Maurer, followed by Scharfman Organization and then Rita Hayden.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 204,066 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Maverick Real Estate Partners owned at least six commercial properties with 59 residential units in New York City with 207,196 square feet and a city-determined market value of $23.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 207,196 square feet of built space are hotel properties, with elevator properties next occupying 11 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Queens next at 14 percent of the space.

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