Benjamin Weinstein pays $2.5M to Dominico Primo and Anna Primo for 12-unit walkup in Flatlands

Benjamin Weinstein through the entity 5409 Holdings LLC paid $2.5 million to Dominico Primo and Anna Primo through the entity Primo, Anna for 12-unit residential walkup building (C1) at 5409 Avenue O in Flatlands, Brooklyn.
The deal closed on August 9, 2022 and was recorded on October 20, 2022. The property has 8,760 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $283 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 April 30, 2013, for $1.8 million. The signatory for Dominico Primo and Anna Primo was Dominico Primo and Anna Primo. The signatory for Benjamin Weinstein was Ben Weinstein.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Benjamin Weinstein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dominico Primo 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 Domenico Primo, individual owner and Tomosso Primo, site manager. The 8,760-square-foot property generated revenue of $246,120 or $28 per square foot, according to the most recent income and expense figures.

The property

The 5409 Avenue O parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,000 square feet. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. 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 since September of 2020. In addition, according to city public data, the property has received two housing violations and $100 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 $5 million on this tax lot.

The block

On the tax block, there were two new building construction projects totaling 5,086 square feet. The largest is a two-unit, 2,690-square-foot R-3 building developed by Tanzeela Azam with plans filed February 8, 2021 and it has not been permitted yet.The second largest is a one-unit, 2,396-square-foot R-3 building developed by Ronald Orilus with plans filed March 9, 2015 and it has not been permitted yet.

the majority, or 100 percent of the 11,760 square feet of built space are walkup buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Benjamin Weinstein owned at least six commercial properties in New York City with 29,470 square feet and a city-determined market value of $5.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 84 percent of the built space, is in Brooklyn, with Queens next at 16 percent of the space.

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