Vanbarton Group sells 86-unit rental to Bushburg for $16.5M in East Williamsburg

117 Grattan Street (Credit: Google)

Bushburg Properties through the entity Porter Equities LLC paid $16.5 million to the Vanbarton Group through the entity Eib Grattan LLC for the 86-unit property at 117 Grattan Street in East Williamsburg, Brooklyn.
The deal closed on March 24, 2022 and was recorded on April 12, 2022.

The property has 125,400 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $131 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 June 17, 2014, for $20.8 million. The signatory for Vanbarton Group was Justin B. Kleinman. The signatory for Porter Equities LLC was Abraham J. Hoffman. The buyer is at the address and unit number of Bushburg.

Prior sales and revenue

The seller Vanbarton Group purchased 10 properties in two transactions for a total of $234.5 million and sold two property in one transaction for a total of $10.5 million over the same time period.

The property

The 117 Grattan Street parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 20,000 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $6.1 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received two DOB violations and $1,100 in OATH penalties in the last year.


There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 65,517 square feet of the 74,517 square feet. The two identified owners are Tung L. Ho and Glenn Gangling Ho. There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 199,917 square feet of built space are C5 buildings, with industrial buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Vanbarton Group owned at least 14 commercial properties with 1,321,330 square feet and a city-determined market value of $376.5 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Blackstone Group, Blackstone Mortgage Trust, and Canadian Imperial Bank of Commerce respectively. Within the portfolio, the bulk, or 58 percent of the 1,321,330 square feet of built space are office properties, with residential elevator properties next occupying 29 percent of the space. They are all located in Manhattan.


Within a 400-foot radius of 117 Grattan Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit issued on March 2, 2021 for the $427,000 renovation of 32,499-square-foot B building with no residential units at 65 Porter Avenue.
One of those eight items was a sale which St. Nicks Alliance bought the 4,125-square-foot, eight-unit rental (C1) on 131 Thames Street and 10 other properties for $5.3 million from National Equity Fund on January 6, 2021.
Of those eight items, six were loans above $5 million totaling $46.3 million. The most recent of the six was Astral Weeks which borrowed $5.3 million from Piermont Bank secured by the 5,364-square-foot, seven-unit rental (C1) on 97 Grattan Street and one other property on March 17, 2022.

Direct link to Acris document. link

Share this article