3-family on Fort Greene Park sells for $7.5M

The entity 187wp, LLC paid $7.5 million to the entity 187 Washington Park LLC for the three-unit building (C0) at 187 Washington Park in Fort Greene, Brooklyn.
The deal closed on January 26, 2024 and was recorded on February 1, 2024. The property has 3,880 square feet of built space and 120 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,932 and the price per buildable square foot is $1,875 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 October 30, 2018, for $3.3 million. The signatory for the sellers Franck Bertoneche and Charles Henry Kurzen was Seth I. Feldman. The signatory for the buyer was Glen Coates. The contract date was December 8, 2023.

Prior sales and revenue

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

The property

The 1-4 family building with 3 residential units in Fort Greene has 3,880 square feet of built space and 120 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 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 Fort Greene Historic District. The city-designated market value for the property in 2022 is $4.2 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 received $50 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 block

On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 23,972 square feet of the 73,827 square feet. The largest owner is Siyon Kim, followed by Richard Diblasi and then R.A. Cohen & Associates.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 73,827 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.

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