Vincent Theurer pays $7.8M to Sugar Hill Capital Partners for specialty in Park Slope

Vincent Theurer through the entity Marcjack-9 LLC paid $7.8 million to Sugar Hill Capital Partners through the entity 184 Sterling Residences, LLC for specialty building at 184 Sterling Place in Park Slope, Brooklyn.
The deal closed on May 13, 2022 and was recorded on June 3, 2022. The property has 6,511 square feet of built space and 13,042 square feet of additional air rights for a total buildable of 19,540 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,190 and the price per buildable square foot is $396 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 March 31, 2017, for $5.8 million. The signatory for Sugar Hill Capital Partners was Margaret Grossman. The signatory for Vincent Theurer was Vincent Theurer. Vincent Theurer is president and CEO of Approved Oil. 

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Vincent Theurer purchased two properties in two transactions for a total of $12.8 million and has no record it sold any properties over the past 24 months.
The seller Sugar Hill Capital Partners had not purchased any other properties and sold three properties in three transactions for a total of $10.7 million over the same time period.

The property

The 184 Sterling Place parcel has frontage of 38 feet and is 135 feet deep with a total lot size of 4,885 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Park Slope Historic District Extension II. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Park Slope, the bulk, or 43 percent of the 26 million square feet of commercial built space are 1-4 family buildings, with residential walkup buildings next occupying 14 percent of the space. In sales, Park Slope has 1.3 times the average sales volume among other neighborhoods with $370.1 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Park Slope has near average amount of major developments among other neighborhoods and is the 22nd highest in Brooklyn. It had 784,980 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 this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 16,564 square feet of the 76,608 square feet. The two identified owners are Sugar Hill Capital Partners and Mark Weinberger. There are no active new building construction projects on this tax block.

The majority, or 33 percent of the 211,921 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Sugar Hill Capital Partners owned at least 101 commercial properties with 1,822,094 square feet and a city-determined market value of $235.1 million. (Market value is typically about 50% of actual value.) The portfolio has $145.6 million in debt, with top three lenders as Signature Bank, Citibank, and New York Community Bank respectively. Within the portfolio, the bulk, or 56 percent of the 1,822,094 square feet of built space are walkup properties, with elevator properties next occupying 34 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 30 percent of the space.

The buyer

The PincusCo database currently indicates that Vincent Theurer owned at least two commercial properties with 59,684 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from TD Bank. Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

Surrounding

Within a 400-foot radius of 184 Sterling Place, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on October 27, 2020 for the $967,800 renovation of M building with no residential units at 342 Flatbush Avenue.
One of those four items was a sale which SHEL Capital bought the 4,930-square-foot, 24-unit rental (C1) on 191 Sterling Place and five other properties for $24.3 million from Coastline Apartment Investors on June 25, 2021.
Of those four items, two were loans above $5 million totaling $61 million. The most recent of the two was SHEL Capital which borrowed $21 million from Dime Community Bank secured by the 4,930-square-foot, 24-unit rental (C1) on 191 Sterling Place and five other properties on November 15, 2021.

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