Townhouse Rental II, L.L.C. pays $35.3M for 5 walkups with 35 units in Brooklyn

The anonymous entity Townhouse Rental II, L.L.C. paid $35.3 million in five transactions for 5 walkups with a total of 35 units in Brooklyn, or just over $1 million per unit. Greenbrook Partners was the seller for four of them, and Cheskel Parnes sold the fifth.

In the largest transaction, Townhouse Rental II, L.L.C. paid $13.5 million to Greenbrook Partners through the entity 157 5 Ave, LLC for midblock six-unit mixed-use building at 157 5th Avenue in Park Slope, Brooklyn.
The deal closed on April 7, 2022 and was recorded on April 21, 2022.The property has 7,200 square feet of built space and 1,800 square feet of additional air rights for a total buildable of 9,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,872 and the price per buildable square foot is $1,498 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.)
Greenbrook bought the property on November 5, 2019, for $8.4 million. The signatory for Greenbrook Partners was Gregory Fournier. The signatory for Townhouse Rental II, L.L.C. was Carter Martin.

In the second, Townhouse Rental II, L.L.C. paid $7.9 million to Greenbrook Partners through the entity 53 3 St, LLC for midblock eight-unit residential walkup building at 53 3rd Street in Carroll Gardens, Brooklyn.
The deal closed on April 7, 2022 and was recorded on April 21, 2022.The property has 8,580 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $919 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.)
Greenbrook bought the property on August 21, 2020, for $4.7 million.

In the third, Townhouse Rental II, L.L.C. paid $5.3 million to Greenbrook Partners through the entity 306 St James Pl, LLC for midblock seven-unit residential walkup building at 306 St James Place in Clinton Hill, Brooklyn.
The deal closed on April 7, 2022 and was recorded on April 21, 2022.The property has 3,420 square feet of built space and 3,420 square feet of additional air rights for a total buildable of 6,840 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,560 and the price per buildable square foot is $780 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.)
Greenbrook bought the property on October 21, 2020, for $3.1 million.

In the fourth, Townhouse Rental II, L.L.C. through the entity Townhouse Rental Ii, L.L.C. paid $4.8 million to Cheskel Parnes through the entity Pacific Sunshine Realty LLC for midblock 10-unit residential walkup building at 1148 Pacific Street in Crown Heights, Brooklyn.
The deal closed on April 8, 2022 and was recorded on April 21, 2022.The property has 6,770 square feet of built space and 432 square feet of additional air rights for a total buildable of 7,200 square feet according to PincusCo analysis of city data. The sale price per built square foot is $701 and the price per buildable square foot is $659 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.)
Parnes bought the property on May 26, 2015, for $420,000.

In the fifth, Townhouse Rental II, L.L.C. paid $3.8 million to Greenbrook Partners through the entity 625 Park Pl, LLC for midblock four-unit 1-4 family building at 625 Park Place in Crown Heights, Brooklyn.
The deal closed on April 7, 2022 and was recorded on April 21, 2022.The property has 3,740 square feet of built space and 238 square feet of additional air rights for a total buildable of 3,976 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,022 and the price per buildable square foot is $961 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.)
Greenbrook bought the property on May 5, 2021, for $1.9 million.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Townhouse Rental II, L.L.C. purchased 35 properties in 35 transactions for a total of $120.2 million and has no record it sold any properties over the past 24 months.
The seller Greenbrook Partners purchased 62 properties in 62 transactions for a total of $261.3 million and sold six properties in six transactions for a total of $37 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Gregory Fournier, head officer and Bogdan May, site manager. The business entity is 157 5 Ave Llc.

The property

The 157 5th Avenue parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3 million.

The seller

The PincusCo database currently indicates that Greenbrook Partners owned at least 85 commercial properties with 554,654 square feet and a city-determined market value of $159 million. (Market value is typically about 50% of actual value.) The portfolio has $291.6 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and Connectone Bank respectively. Within the portfolio, the bulk, or 64 percent of the 554,654 square feet of built space are residential walkup properties, with 1-4 family properties next occupying 14 percent of the space. The bulk, or 98 percent of the built space, is in Brooklyn, with Queens next at 2 percent of the space.

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