Turnbridge Equities pays $8.8M for sports club property in Bergen Beach

Turnbridge Equities through the entity 2350 69 Street Property LLC paid $8.8 million to Christine Falco through the entity Wielka, LLC for the specialty building (P9) at 2350 East 69th Street in Bergen Beach, Brooklyn. P9 is miscellaneous amusement or recreation. The property is occupied by the MatchPoint NYC Mill Basin health club.
The deal closed on January 10, 2024 and was recorded on January 24, 2024. The property has 48,000 square feet of built space and 11,999 square feet of additional air rights for a total buildable of 59,999 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $184 and the price per buildable square foot is $147 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 Christine Falco was Christine Falco. The signatory for Turnbridge Equities was Ryan Nelson. The contract date was October 5, 2023. Turnbridge Equities obtained a $5.9 million acquisition and renovation loan from East West Bank.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Turnbridge Equities purchased nine properties in two transactions for a total of $28.2 million and sold one property in one transaction for a total of $57 million over the past 24 months.
The seller Christine Falco had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Bergen Beach has 48,000 square feet of built space and 11,999 square feet of additional air rights for a total buildable of 59,999 square feet according to a PincusCo analysis of city data. The parcel has frontage of 300 feet and is 200 feet deep with a total lot size of 59,999 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $2 million.

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 neighborhood

In Bergen Beach, The bulk, or 39 percent of the 951,589 square feet of commercial built space are specialty buildings, with retail buildings next occupying 27 percent of the space. In sales, Bergen Beach has the 47th highest sale turnover among other neighborhoods in Brooklyn with $6 million in sales volume in the last two years. For development, Bergen Beach has had very little major development activity relative to other neighborhoods.It had 217,306 square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are industrial.

The buyer

The PincusCo database currently indicates that Turnbridge Equities owned at least 12 commercial properties in New York City with 120,371 square feet and a city-determined market value of $12 million. (Market value is typically about 50% of actual value.) The portfolio has $439.6 million in debt, with top three lenders as KKR & Co., Starwood Capital Group, and East West Bank respectively. Within the portfolio, the bulk, or 96 percent of the 120,371 square feet of built space are industrial properties, with specialty properties next occupying 4 percent of the space. The bulk, or 78 percent of the built space, is in Brooklyn, with Bronx next at 22 percent of the space.

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