Type A Projects, Settlement Housing pay $7M for dev site in Bushwick

Developer Type A Projects and Settlement Housing Fund through the entities 1250 Willoughby Manager LLC 1250 Willoughby Housing Development Fund Corp. paid $7 million to Community Developers through the entity 3210 Willoughby LLC for the industrial building (G7) at 1250 Willoughby Avenue in Bushwick, Brooklyn, industrial building (G7) at 1252 Willoughby Avenue in Bushwick, Brooklyn, and industrial building (G7) at 1254 Willoughby Avenue in Bushwick, Brooklyn. The expected use is ground up development. The nonprofit housing development fund bought the property and assigned beneficial interest to Type A Projects, which is typical of affordable developments.
The deal closed on August 15, 2024 and was recorded on August 20, 2024. The six properties have zero square feet of built space and 74,970 square feet of additional air rights for a total buildable of 74,970 square feet according to a PincusCo analysis of city data.
The signatory for Community Developers was Getz Obstfeld. The signatory for Type A Projects and Settlement Housing Fund was Jacqueline Tom. The contract date was February 21, 2024. Type A Projects is a development firm.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Type A Projects had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Community Developers had not purchased any other properties and had not sold any properties over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2.2 times the average sales volume among other neighborhoods with $577.5 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 883,309 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 1250 Willoughby Avenue, PincusCo has identified the owners of seven of the 21 commercial properties representing 56,695 square feet of the 129,245 square feet. The largest owner is Nyc Department Of Education, followed by Root Studios and then Deodat Lowtan.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 129,245 square feet of built space are industrial buildings, with specialty buildings next occupying 34 percent of the space.

The buyer

The PincusCo database currently indicates that Settlement Housing Fund owned at least 35 commercial properties with 2,096 residential units in New York City with 2,196,088 square feet and a city-determined market value of $123.1 million. (Market value is typically about 50% of actual value.) The portfolio has $372.7 million in debt, with top three lenders as NYC Housing Development Corporation, Community Preservation Corporation, and UMB Bank respectively. Within the portfolio, the bulk, or 72 percent of the 2,196,088 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 65 percent of the built space, is in Bronx, with Brooklyn next at 24 percent of the space.

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