Titan Industrial Services pays $5M to EBC Capital for industrial in Greenpoint

Titan Industrial Services paid $5 million to EBC Capital for two parcels in Greenpoint, Brooklyn, that abut one another midblock, which are 110 Hausman Street and 93 Apollo Street. The sale occurred in two transactions.

In the larger, Titan Industrial Services through the entity 110 Hausman LLC paid $3.5 million to EBC Capital through the entity Rcgt 2661-52 LLC for the property at 110 Hausman Street in Greenpoint, Brooklyn.
The deal closed on February 29, 2024 and was recorded on March 4, 2024. The property has 8,027 square feet of built space.
The seller bought the property on October 25, 2023, for $2.9 million. The signatory for EBC Capital was Eric Cohen. The signatory for Titan Industrial Services was Daniel M. Colasuonno. The contract date was January 16, 2024.

In the smaller sale, Titan Industrial Services through the entity 110 Hausman LLC paid $1.5 million to EBC Capital through the entity Rcgt 2661-16 LLC for the industrial building (E9) at 93 Apollo Street in Greenpoint, Brooklyn.
The deal closed on February 29, 2024 and was recorded on March 4, 2024. The property has 23,000 square feet of built space and 8,027 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $65 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 October 25, 2023, for $670,000. The signatory for EBC Capital was Eric Cohen. The signatory for Titan Industrial Services was Daniel M. Colasuonno. The contract date was January 16, 2024. Titan titangroupny.com

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Titan Industrial Services purchased four properties in two transactions for a total of $28 million and has no record it sold any properties over the past 24 months.
The seller EBC Capital had not purchased any other properties and had not sold any properties over the same time period.

The property

PincusCo cannot determine the lot area of the 106 Apollo Street parcel at this time.

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 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 three of the 12 commercial properties representing 29,587 square feet of the 130,513 square feet. The largest owner is Yong Hong Xu, followed by Eric Cohen and then Apex Investments.
On the tax block, there was one new building construction project filed totaling 47,006 square feet. It is a 97-unit, 47,006 square-foot hotel/dormitory/shelter (R-1) building submitted by Apex Investments and filed by Kasra Sanaddaji with plans filed December 23, 2020 and permitted May 23, 2022.

The majority, or 55 percent of the 130,513 square feet of built space are industrial buildings, with hotel buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Titan Industrial Services owned at least four commercial properties in New York City with 85,828 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 83 percent of the 85,828 square feet of built space are industrial properties, with office properties next occupying 17 percent of the space. The bulk, or 83 percent of the built space, is in Brooklyn, with Queens next at 17 percent of the space.

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