Braddock Financial acquires deeds for six 3-family properties in Brooklyn valued at $4.1M

Braddock Financial through the entity Stout Street Fund I, LP acquired at a value of $4.1 million from the foreclosed on Halifax Group, six rental properties including the three-unit building (C0) at 436 Sapphire Street in East New York, Brooklyn, three-unit building (C0) at 438 Sapphire Street in East New York, Brooklyn, and three-unit building (C0) at 1429 Stanley Avenue in Lindenwood, Brooklyn.
The deal closed on December 29, 2022 and was recorded on February 27, 2023. The six properties have 18,158 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $226 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 the court was Michael Benjamin. The signatory for Braddock Financial was Harvey Allon. Michael Benjamin is the referee in the foreclosure action. The new owner is the prior lender.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 436 Sapphire Street.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Braddock Financial had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Halifax Group foreclosed had not purchased any other properties and had not sold any properties over the same time period.

The property

The 436 Sapphire Street parcel has frontage of 21 feet and is 100 feet deep with a total lot size of 2,100 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1 million.

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