Ascenterra Development pays $6.4M for 5-unit walkup in Cobble Hill

Ascenterra Development through the entity 445 Henry LLC paid $6.4 million to Michael Romeo through the entity 445 Henry Street LLC for the five-unit residential walkup building (C2) at 445 Henry Street in Cobble Hill, Brooklyn. The expected use is cash flowing.
The deal closed on January 16, 2026 and was recorded on January 30, 2026. The property has 4,032 square feet of built space and 3,225 square feet of additional air rights for a total buildable of 7,258 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,587 and the price per buildable square foot is $881 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 Michael Romeo was Michael Romeo. The signatory for Ascenterra Development was Aran Scott . The contract date was April 2, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Ascenterra Development purchased one property in one transaction for a total of $3.4 million and has no record it sold any properties over the past 24 months.
The seller Michael Romeo 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 Olivia Cuomo, head officer and Joseph Romeo, officer. The business entity is 445 Henry Street Llc. The 4,032-square-foot property generated revenue of $166,522 or $41 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 5 residential units in Cobble Hill has 4,032 square feet of built space and 3,225 square feet of additional air rights for a total buildable of 7,258 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 110 feet deep with a total lot size of 2,987 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Cobble Hill Historic District. The city-designated market value for the property in 2022 is $2.9 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 $50 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 block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 23,008 square feet of built space are walkup buildings, with specialty buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Ascenterra Development owned at least one commercial property with four residential units in New York City with 5,524 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from Renovo Financial. The portfolio consists of at least a single C3 property. It is located in Brooklyn.

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