Local builder Paul Pawlowski has sold the recently constructed 123 Sterling Avenue condominium in Greenport, real estate records show.
Four Forty Five Realty LLC bought the waterfront property for $15.5 million this winter, according to a transfer published in the April 14 issue of The Suffolk Times. In an email to a reporter, Mr. Pawlowski said it was sold with a certificate of occupancy and previously approved conditions in place. Greenport Village officials also confirmed that they have met with the new owners.
Real estate records on file with Suffolk County list Salvatore Ferro, CEO of Alure Home Improvements and a newly elected Huntington Town councilman, as the managing member of Four Forty Five Realty.
In an interview, Mr. Ferro said his group plans to keep the development as a condominium. Market-rate units will be sold, not rented, and he confirmed that the five affordable units will follow village stipulations.
“Greenport has been great to work with and by no means are we looking to do anything but be considerate of the community and preserve the charm as best as possible,” he said. “It’s a beautiful place, a beautiful location and a beautiful community.”
Emerald Creek Capital provided a $12 million acquisition loan to purchase the 1.72-acre site in December 2021. Loan details indicate each unit has one to three bedrooms and a private balcony. Building amenities include an indoor parking garage, elevator, private boat slips and a yacht club.
Five condos in the three-story building are capped to sell at $175,000 apiece under an agreement that restricts sale to first-time homebuyers from the Village of Greenport. Twelve other units are set to sell at market rate.
In a condominium offering plan filed with the New York State Attorney General’s office by Mr. Pawlowski last month, he projected total offerings of $18.3 million on all 17 units.
Mr. Ferro emphasized, however, that he has not yet begun marketing the units. He said he intends to file a new offering plan with the state, as required by law.
Mr. Pawlowski said he and his business partner wish the new owners “the best of luck” and he knows “their professionalism will only improve the property and its long term management capabilities.”
The controversial condominium project has now changed hands twice in recent years. A group headed by Richard Raskin, 123 Sterling LLC, received site plan approval in 2007 for the project, with plans for 12 market-rate condos, five affordable rate condos, one detached building for marina use and 15,000 square feet of commercial space.
Mr. Pawlowski of Mattituck and Kenny Balloto of Westhampton purchased the 1.72-acre undeveloped property with a previously agreed upon set of stipulations for $3.5 million in 2019.
Neighbors of the project from the Sterling Basin Neighborhood Association had lobbied against changes to the stipulations proposed by Mr. Pawlowski in recent years. But after the builder met with the residents, Greenport Village approved a new set of stipulations in November 2020 and amended covenants and restrictions last year.
The five units, set at $175,000 apiece, are still only available to those who have primarily lived and/or worked full-time in Greenport for at least two consecutive years prior to purchase. The units also still need to be the buyers’ primary residence. The approximately 600-650-square-foot price-controlled apartments cannot be merged.
The project sponsor must provide public notice when the units become available, according to the covenants and restrictions.
Subsequent sales can be at market rates, although any sale made within two years of closing will be subject to a “flip tax,” equal to 25% of the difference between the sale and purchase price, that would be evenly split between the developer and Greenport Housing Authority.