Agostino Vona pays $14M for commercial property in Mill Basin

Agostino Vona paid $14 million to Albert Capone and Neil Capone in two transactions for two parcels in Mill Basin, Brooklyn

Agostino Vona through the entity Strickland Realty Group, LLC paid $12.4 million to Albert Capone and Neil Capone through the entity Capone, Albert for property (G6) at 6065 Strickland Avenue in Mill Basin, Brooklyn.
The deal closed on November 30, 2022 and was recorded on December 7, 2022. The property has zero square feet of built space and 10,018 square feet of additional air rights for a total buildable of 10,018 square feet according to PincusCo analysis of city data. The sale price price per buildable square foot is $1,233 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 Albert Capone and Neil Capone was Albert Capone and Neil Capone. The signatory for Agostino Vona was Agostino Vona. The contract date was July 22, 2021.

Agostino Vona through the entity Strickland Realty Group, LLC paid $1.6 million to Albert Capone and Neil Capone through the entity Capone, Albert for property (G6) at 6075 Strickland Avenue in Mill Basin, Brooklyn. The deal closed on November 30, 2022 and was recorded on December 7, 2022.The property has zero square feet of built space and 6,892 square feet of additional air rights for a total buildable of 6,892 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $237 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 Albert Capone and Neil Capone was Albert Capone and Neil Capone. The signatory for Agostino Vona was Agostino Vona. The contract date was July 22, 2021.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Agostino Vona purchased two properties in two transactions for a total of $31.9 million and has no record it sold any properties over the past 24 months.
The seller Albert Capone had not purchased any other properties and had not sold any properties over the same time period.

The property

The 6065 Strickland Avenue parcel has frontage of 116 feet and is 208 feet deep with a total lot size of 20,037 square feet. The lot is irregular. The zoning is R3-1 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $849,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the 41 commercial properties representing 2,744,083 square feet of the 3,115,387 square feet. The largest owner is Macy’s Inc., followed by Target Corporation and then Brookfield Properties.
On the tax block, there were three new building construction projects totaling 115,551 square feet. The largest is a zero-unit, 103,179-square-foot E building developed by Paul Grosman with plans filed September 18, 2015 and permitted July 31, 2018. The second largest is a N/A-unit, 10,722-square-foot A-2 building developed by Anthony Williams with plans filed October 26, 2018 and it has not been permitted yet.

the majority, or 88 percent of the 2.7 million square feet of built space are mixed-use buildings, with retail buildings next occupying 7 percent of the space.

The seller

The PincusCo database currently indicates that Albert Capone owned at least one commercial property in New York City with 17,130 square feet and a city-determined market value of $3.3 million. (Market value is typically about 50% of actual value.) The portfolio has $7.3 million in debt, borrowed from Bethpage Federal Credit Union. The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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