109Co pays $5.3M for mixed-use in Cobble Hill

109Co through the entity 60g 542 Broadway Owner, LLC paid $5.3 million to the entity WLP 154 Court Street LLC for the two-unit mixed-use building (S2) at 154 Court Street in Cobble Hill, Brooklyn. The expected use is cash flowing.
The deal closed on April 6, 2026 and was recorded on April 15, 2026. The property has 3,665 square feet of built space and 900 square feet of additional air rights for a total buildable of 4,556 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,454 and the price per buildable square foot is $1,169 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 November 29, 2018, for $4.7 million. The signatory for Debra Brooke Paparo was Debra Brooke Paparo. The signatory for 109Co was Bastien Broda . The contract date was February 27, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer 109Co had purchased any other properties and sold one property in one transaction for a total of $22.5 million over the past 24 months.
The seller Debra Brooke Paparo had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Matthew Axelrod, head officer and Allison Nero, agent. The business entities are Delkap Management and Wlp 154 Court Street Llc.

The property

The mixed-use building with 2 residential units in Cobble Hill has 3,665 square feet of built space and 900 square feet of additional air rights for a total buildable of 4,556 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,875 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Cobble Hill Historic District. The city-designated market value for the property in 2022 is $6.8 million.

Transaction Participants

Michael E. Lefkowitz at Rosenberg & Estis, P.C. participated in the transaction on behalf of the buyer.

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 received $820 in OATH penalties 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 Cobble Hill, The bulk, or 31 percent of the 1.9 million square feet of commercial built space are walkup buildings, with specialty buildings next occupying 30 percent of the space. In sales, Cobble Hill has 1.4 times the average sales volume among other neighborhoods with $468.3 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, Cobble Hill has had very little major development activity relative to other neighborhoods.It had 328,920 square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 9,100 square feet of the 66,020 square feet. The two identified owners are Paul Fried and Blake Partners.
There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 66,020 square feet of built space are walkup buildings, with retail buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Debra Brooke Paparo owned at least one commercial property in New York City with 18,000 square feet and a city-determined market value of $6.9 million. (Market value is typically about 50% of actual value.) The portfolio has $8.3 million in debt, borrowed from Spencer Savings Bank. The portfolio consists of at least a single retail property.

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