Andy Lee pays $4M for 4-family in Carroll Gardens

Andy Lee through the entity Gmae1029 LLC paid $4 million to Mathew P. Angelone and Paul Angelone for the four-unit building (C3) at 328 Degraw Street in Carroll Gardens, Brooklyn.
The deal closed on May 24, 2023 and was recorded on May 31, 2023. The property has 2,800 square feet of built space and 1,200 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 $1,428 and the price per buildable square foot is $1,000 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 Mathew P. Angelone and Paul Angelone was Mathew P. Angelone and Paul Angelone. The signatory for Andy Lee was Andy Lee.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Andy Lee had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mathew P. Angelone 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 Paul Angelone, joint owner and Mathew Angelone, joint owner.

The property

The building with 4 residential units in Carroll Gardens has 2,800 square feet of built space and 1,200 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 city-designated market value for the property in 2022 is $1.1 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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 20 commercial properties representing 22,825 square feet of the 60,446 square feet. The largest owner is Samuel Friedman, followed by JSAF Management and then Greenbrook Partners.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 60,446 square feet of built space are mixed-use buildings, with walkup buildings next occupying 9 percent of the space.

The buyer

The PincusCo database currently indicates that Andy Lee owned at least one commercial property with nine residential units in New York City with 8,574 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.

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