5-unit walkup in Carroll Gardens sells for $5.7M

Investors paid $5.7 million for the five-unit residential walkup building (C2) at 448 Clinton Street in Carroll Gardens, Brooklyn.
The deal closed on September 6, 2023 and was recorded on September 13, 2023. The property has 5,030 square feet of built space and 1,472 square feet of additional air rights for a total buildable of 6,498 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,133 and the price per buildable square foot is $877 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 the sellers Marion C. Morrison and Scott A. Morrison were Marion C. Morrison and Scott A. Morrison. The signatory for the buyers Amelia Manderscheid and Erin Wilson were Amelia Manderscheid and Erin Wilson. The contract date was July 12, 2023. The property was listed by Compass team.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Amelia Manderscheid had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Marion C. Morrison 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 Scott Morrison, joint owner and Marion Morrison, joint owner.

The property

The residential walkup building with 5 residential units in Carroll Gardens has 5,030 square feet of built space and 1,472 square feet of additional air rights for a total buildable of 6,498 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 100 feet deep with a total lot size of 2,166 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $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 seven of the 12 commercial properties representing 39,699 square feet of the 70,269 square feet. The largest owner is Tina Esposito, followed by Scott Cohen and then Jacques Hoffman.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 70,269 square feet of built space are walkup buildings, with mixed-use buildings next occupying 23 percent of the space.

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