Anthony Prestigiacomo acquires interest valued at $4.5M for residential walkup in Carroll Gardens

Anthony Prestigiacomo through the entity Ap Forest Realty LLC acquired an interest from Theresa Uva valued at $4.5M for the midblock five-unit residential walkup building at 68 1st Place in Carroll Gardens, Brooklyn.
The deal closed on April 6, 2022 and was recorded on April 27, 2022.
The property has 4,200 square feet of built space and 2,100 square feet of additional air rights for a total buildable of 6,300 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,071 and the price per buildable square foot is $714 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.)

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Anthony Prestigiacomo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Theresa Uva had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Theresa Uva, individual owner.

The property

The 68 1st Place parcel has frontage of 21 feet and is 100 feet deep with a total lot size of 2,100 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million.

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 neighborhood

In Carroll Gardens, the majority, or 53 percent of the 9 million square feet of commercial built space are 1-4 family buildings, with residential walkup buildings next occupying 18 percent of the space. In sales, Carroll Gardens has had very little sales volume relative to other neighborhoods with $90.2 million in sales volume in the last two years. For development, Carroll Gardens has had very little major development activity relative to other neighborhoods.It had 43,794 square feet of commercial and multi-family construction under development in the last two years, which represents 0.48 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 17 commercial properties representing 15,684 square feet of the 91,395 square feet. The largest owner is Jonathan Holman, followed by Elizabeth McDonald and then Scott Elgart. There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 198,141 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 39 percent of the space.

Surrounding

Within a 400-foot radius of 68 1st Place, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on January 31, 2022 for the $1.5 million renovation of 8,838-square-foot R-2 building with three residential units at 420 Court Street.
Of those four items, two were sales above $5 million totaling $11.4 million. The most recent of the two was Paul Murphy and Matthew Rosenzweig which bought the 3,975-square-foot, four-unit four-family building (C3) on 65 2nd Place for $5.1 million from Kathy Ann Tufaro and John Tufuro on February 16, 2022.
One of those four items was a loan which Conway Capital borrowed $11.5 million from Argentic Investment Management secured by the 5,324-square-foot, four-unit four-family building (C3) on 74 1st Place and three other properties on June 2, 2021.

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