Ahmed Alsoora pays $3M for adjacent buildings in Carroll Gardens

259-261 Smith Street (Credit - Google)

259-261 Smith Street (Credit - Google)

Ahmed Alsoora and Abdo Alsoora through the entity 259-261 Smith LLC paid $3 million to Robert Fasano through the entity 3rf LLC for two, two-unit mixed-use building (S2) at 259-261 Smith Street in Carroll Gardens, Brooklyn.
The deal closed on August 3, 2023 and was recorded on August 24 and 29, 2023. The properties have about 4,600 square feet of built space combined. The sale price per built square foot is approximately $641 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 Robert Fasano was Robert Fasano. The signatory for Ahmed Alsoora and Abdo Alsoora was Ahmed Alsoora. The contract date was June 28, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ahmed Alsoora purchased or sold any properties over the past 24 months.
The seller Robert Fasano had not purchased any other properties and sold one properties in one transactions for a total of $1.5 million over the same time period.

The property

The mixed-use building 259 Smith Street with 2 residential units in Carroll Gardens has 2,340 square feet of built space and 380 square feet of additional air rights for a total buildable of 2,718 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 80 feet deep with a total lot size of 1,359 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 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 $1,025 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 Carroll Gardens, The bulk, or 44 percent of the 3.6 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 33 percent of the space. In sales, Carroll Gardens has near average sales volume among other neighborhoods with $363.7 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Carroll Gardens has had very little major development activity relative to other neighborhoods.It had 136,511 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 9,501 square feet of the 34,985 square feet. The largest owner is Nicholas Kotsonis, followed by Gian Luca Brignone and then Ahmed Alsoora.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 34,985 square feet of built space are mixed-use buildings, with walkup buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Ahmed Alsoora owned at least two commercial properties with 12 residential units in New York City with 9,801 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 77 percent of the 9,801 square feet of built space are walkup properties, with mixed-use properties next occupying 23 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link

Share this article