Bharath Reddy pays $4.3M for 4-family in Boerum Hill
Bharath Reddy through the entity 168 Dean Street Brooklyn LLC paid $4.3 million to Joseph McDonnell and Paul McDonnell for the four-unit building (C3) at 168 Dean Street in Boerum Hill, Brooklyn.
The deal closed on June 9, 2023 and was recorded on June 23, 2023. The property has 3,916 square feet of built space and 434 square feet of additional air rights for a total buildable of 4,348 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,108 and the price per buildable square foot is $998 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 Joseph McDonnell and Paul McDonnell was Joseph McDonnell and Paul McDonnell. The signatory for Bharath Reddy was Seetal Mehta.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Bharath Reddy had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph McDonnell purchased four properties in four transactions for a total of $35 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Joseph McDonnell, individual owner.
The property
The building with 4 residential units in Boerum Hill has 3,916 square feet of built space and 434 square feet of additional air rights for a total buildable of 4,348 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 100 feet deep with a total lot size of 2,174 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Boerum Hill Historic District. The city-designated market value for the property in 2022 is $2.5 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 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 block
On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 3,284 square feet on the block.The identified owner is Francesco Igneri.
There are no active new building construction projects on this tax block.
All properties are walkup.
Direct link to Acris document. link