Anonymous developer pays $2.5M in Bushwick for adjacent sites

An anonymous buyer through the entities 340 Platinum LLC and 342 Platinum LLC, paid $2.5 million to Lisa Parvin adjacent development sites at 340 and 342 Melrose Street in Bushwick, Brooklyn, in two separate transactions.

On the 340 Melrose Street parcel, there is a new building construction project for an eight-unit, 6,532 square-foot residential (R-2) building. The project was submitted by Lisa Parvin with plans filed August 20, 2015 and permitted May 22, 2018.

On the 342 Melrose Street parcel, there is a new building construction project for a six-unit, 4,400 square-foot (R-2) building. The project was submitted by Lisa Parvin with plans filed August 20, 2015 and permitted May 22, 2018.

In the first transaction, 340 Platinum LLC paid $1.25 million to Lisa Parvin through the entity 340 Melrose LLC for the lot at 340 Melrose Street in Bushwick, Brooklyn.
The deal closed on May 7, 2024 and was recorded on May 17, 2024. The property has zero square feet of built space and 6,072 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $205 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 Lisa Parvin was Lisa Parvin. The signatory for 340 Platinum LLC was Rosemary Hayden. The contract date was February 2, 2024.

In the second transaction, 342 Platinum LLC paid $1.25 million to Lisa Parvin through the entity 340 Melrose LLC for the industrial building (G7) at 342 Melrose Street in Bushwick, Brooklyn. The deal closed on May 7, 2024 and was recorded on May 17, 2024. The property has zero square feet of built space and 6,072 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $205 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 Lisa Parvin was Lisa Parvin. The signatory for 342 Platinum LLC was Rosemary Hayden. The contract date was February 2, 2024.

The property

Each parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential.

Violations and lawsuits

On 340 Melrose Street, 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 $2,500 in ECB penalties and $2,550 in OATH penalties in the last year.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2.2 times the average sales volume among other neighborhoods with $611.8 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Bushwick has 1.2 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.4 million 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.

The block

On this tax block, PincusCo has identified the owners of 21 of the 40 commercial properties representing 96,500 square feet of the 178,586 square feet. The largest owner is Watermark Capital Group, followed by Solomon Kubitshuk and then Pedro H. Abril.
On the tax block, there were four new building construction projects totaling 21,896 square feet. The largest is a eight-unit, 6,532 square-foot residential (R-2) building submitted by Lisa Parvin with plans filed August 20, 2015 and permitted May 22, 2018. The second largest is a seven-unit, 5,500 square-foot residential (R-2) building submitted by Katherine Garcia with plans filed November 7, 2018 and it has not been permitted yet.

The majority, or 69 percent of the 178,586 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

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