Anthony Schloss pays $2.4M for mixed-use in Red Hook

Anthony Schloss through the entity Crupal, LLC paid $2.4 million to Francisco Hernandez through the entity 361 Van Brunt LLC for the three-unit mixed-use building (S3) at 361 Van Brunt in Red Hook, Brooklyn.
The deal closed on May 11, 2023 and was recorded on May 17, 2023. The property has 2,520 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $932 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 March 19, 2015, for $1.8 million. The signatory for Francisco Hernandez was Philip J. Lavender. The signatory for Anthony Schloss was Anthony Schloss.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Anthony Schloss had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Francisco Hernandez 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 Alexandra Corbin, head officer. The business entity is 361 Van Brunt Llc. The 2,520-square-foot property generated revenue of $48,661 or $19 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 3 residential units in Red Hook has 2,520 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 65 feet deep with a total lot size of 1,560 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $550,000.

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 neighborhood

In Red Hook, The bulk, or 49 percent of the 9.4 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 30 percent of the space. In sales, Red Hook has 1.8 times the average sales volume among other neighborhoods with $631.7 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Red Hook has had very little major development activity relative to other neighborhoods.It had 387,372 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 one of the 22 commercial properties representing 6,500 square feet of the 59,341 square feet. The identified owner is Florence A. Neal.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 59,341 square feet of built space are mixed-use buildings, with elevator buildings next occupying 21 percent of the space.

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