Urban Realty Partners pays $17.2M for dev site in Greenpoint

Urban Realty Partners through the entity Wythe Gem LLC paid $17.2 million to Corzo Contracting Co. Inc. through the entity Corzo Maintenance Co., Inc. for the development parcel at 168 Banker Street in Greenpoint, Brooklyn. The expected use is ground up development.

The deal closed on January 9, 2025 and was recorded on January 17, 2025. The property has zero square feet of built space and 108,650 square feet of additional air rights for a total buildable of 108,650 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $158 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 Corzo Contracting Co. Inc. was James M. Lema. The signatory for Urban Realty Partners was Shelly Listokin. The contract date was February 22, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Urban Realty Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Corzo Contracting Co. Inc. had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 162 feet and is 160 feet deep with a total lot size of 21,730 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $368,000.

Development

On the lot, there was one new building construction project filed, 321190037, for a 43,382 square-foot retail (M) building. The project was submitted by David Mitchell and filed by David Mitchell with plans filed October 13, 2015 and the city “disapproved” it on November 23, 2015.

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.

The neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has 3 times the average sales volume among other neighborhoods with $776.4 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Greenpoint has 1.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On the tax block, there was one new building construction project filed totaling 43,382 square feet. It is a 43,382 square-foot mercantile (M) building submitted by David Mitchell and filed by David Mitchell with plans filed October 13, 2015 and it has not been permitted yet.

The majority, or 100 percent of the 102,250 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

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