3-family in Prospect Heights sells for $3.4M

An individual paid $3.4 million for the three-unit building (C0) at 307 Park Place in Prospect Heights, Brooklyn.
The deal closed on January 25, 2024 and was recorded on February 1, 2024. The property has 3,084 square feet of built space and 1,587 square feet of additional air rights for a total buildable of 4,670 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,117 and the price per buildable square foot is $738 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.)

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Susan Brown had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jeffrey Jay Foxx 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 Jeffrey Foxx, individual owner and Bruce Mcinnes, site manager.

The property

The 1-4 family building with 3 residential units in Prospect Heights has 3,084 square feet of built space and 1,587 square feet of additional air rights for a total buildable of 4,670 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 131 feet deep with a total lot size of 2,335 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Prospect Heights Historic District. The city-designated market value for the property in 2022 is $2.8 million.

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 block

On this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 11,293 square feet of the 57,826 square feet. The two identified owners are Richard Muzio and Oak Tree Residential.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 57,826 square feet of built space are walkup buildings, with mixed-use buildings next occupying 49 percent of the space.

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