$3.9M sale for industrial property in Prospect Heights

Salome Six LLC paid $3.9 million to Jack A. Ippolito and Mario Ippolito through the entity Primo Realty Inc. for the industrial building (E9) at 606 Dean Street in Prospect Heights, Brooklyn.
The deal closed on December 1, 2023 and was recorded on December 11, 2023. The property has 4,000 square feet of built space and 493 square feet of additional air rights for a total buildable of 4,483 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $962 and the price per buildable square foot is $858 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 Jack A. Ippolito and Mario Ippolito was Jack A. Ippolito and Mario Ippolito. The contract date was September 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jack A. Ippolito had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Prospect Heights has 4,000 square feet of built space and 493 square feet of additional air rights for a total buildable of 4,483 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 110 feet deep with a total lot size of 4,483 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $402,000.

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.

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 Prospect Heights, The bulk, or 49 percent of the 7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Prospect Heights has had very little sales volume relative to other neighborhoods with $187 million in sales volume in the last two years. For development, Prospect Heights has near average amount of major developments among other neighborhoods and is the 18th highest in Brooklyn. It had 882,320 square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 33 commercial properties representing 40,087 square feet of the 212,848 square feet. The largest owner is Lillian Lampe, followed by Leedas Trading Inc and then James Greenfield.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 212,848 square feet of built space are industrial buildings, with office buildings next occupying 26 percent of the space.

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