Agus Holdings pays $2.6M for retail in Downtown Brooklyn

Agus Holdings through the entity AH Fulton Mall LLC paid $2.6 million to Fieldpoint Private Bank & Trust through the entity FP Fulton Street LLC for the retail building (K4) at 517 Fulton Street in Downtown Brooklyn, Brooklyn.
The deal closed on December 20, 2023 and was recorded on January 3, 2024. The property has 4,603 square feet of built space and 11,121 square feet of additional air rights for a total buildable of 15,730 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $564 and the price per buildable square foot is $165 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 September 30, 2022, for $6.5 million. The signatory for Fieldpoint Private Bank & Trust was Gina Omolon. The signatory for Agus Holdings was Joshua Agus. The contract date was November 15, 2023.

Maguire Capital bought the property in 2016 for $9 million, borrowing $6.5 million from Fieldpoint Private Bank & Trust. In September 2022, Maguire Capital turned the property over to the lender, which in this current transaction, sold it for $2.6 million to Agus Holdings

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Agus Holdings had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Fieldpoint Private Bank & Trust purchased one properties in one transactions for a total of $6.5 million and had not sold any properties over the same time period. The 4,603-square-foot property generated revenue of $589,170 or $128 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Downtown Brooklyn has 4,603 square feet of built space and 11,121 square feet of additional air rights for a total buildable of 15,730 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,573 square feet. The lot is irregular. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial. The city-designated market value for the property in 2022 is $3.7 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 $1,500 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 neighborhood

In Downtown Brooklyn, The bulk, or 40 percent of the 22.4 million square feet of commercial built space are office buildings, with elevator buildings next occupying 24 percent of the space. In sales, Downtown Brooklyn has 4 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 2nd highest in Brooklyn. For development, Downtown Brooklyn has 2.7 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 143,627 square feet of the 316,627 square feet. The largest owner is United American Land, followed by Thor Equities and then Solil Management.
There are no active new building construction projects on this tax block.

The majority, or 84 percent of the 316,627 square feet of built space are hotel buildings, with office buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Fieldpoint Private Bank & Trust owned at least one commercial property in New York City with 4,603 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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