St. Nicks Alliance pays $3.6M for 32-unit walkup in Bedford Stuyvesant

St. Nicks Alliance through the entity Greene Avenue SNA Housing Development Fund paid $3.6 million through a bankruptcy process to Northeast Brooklyn Housing Development Corporation through the entity 984-988 Greene Avenue Housing Development Fund for the 32-unit residential walkup building (C1) at 984 Greene Avenue in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on November 15, 2024 and was recorded on December 16, 2024. The property has 38,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $93 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 Northeast Brooklyn Housing Development Corporation was Jeffrey Dunston. The signatory for St. Nicks Alliance was Michael Rochford. The contract date was March 23, 2023. Bankruptcy case 19-40823, in which Northeast Brooklyn Housing Development Corporation was debtor in possession.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer St. Nicks Alliance had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Northeast Brooklyn Housing Development Corporation had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Juan Bernal, head officer and Claudette Henry, officer. The business entity is 984-988 Greene Avenue Hdfc.

The property

The residential walkup building with 32 residential units in Bedford Stuyvesant has 38,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 120 feet deep with a total lot size of 12,000 square feet. 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 $1.8 million. The property has 16 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,000 in ECB penalties, 293 housing violations, and $4,350 in OATH penalties 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 seven of the 11 commercial properties representing 109,766 square feet of the 127,614 square feet. The largest owner is Greenbrook Partners, followed by Eran Malka and then Northeast Brooklyn Housing Development Corporation.
On the tax block, there was one new building construction project filed totaling 34,000 square feet. It is a 64-unit, 34,000 square-foot residential (R-2) building submitted by IMPACCT Brooklyn and filed by Bernell K. Grier with plans filed November 21, 2018 and permitted September 10, 2021.

The majority, or 67 percent of the 127,614 square feet of built space are walkup buildings, with elevator buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Northeast Brooklyn Housing Development Corporation owned at least 36 commercial properties with 452 residential units in New York City with 440,123 square feet and a city-determined market value of $36.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 83 percent of the 440,123 square feet of built space are walkup properties, with elevator properties next occupying 17 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that St. Nicks Alliance owned at least 72 commercial properties with 1,468 residential units in New York City with 898,424 square feet and a city-determined market value of $120.7 million. (Market value is typically about 50% of actual value.) The portfolio has $243.4 million in debt, borrowed from AIG and Webster Bank. Within the portfolio, the bulk, or 51 percent of the 898,424 square feet of built space are walkup properties, with elevator properties next occupying 35 percent of the space. They are all located in Brooklyn.

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