Bren Salamon pays $2.3M for mixed-use in Carroll Gardens

Bren Salamon through the entity 217 Hancock Corp. paid $2.3 million to Meir Hillel through the entity 276 Smith Street Realty LLC for the two-unit mixed-use building (S2) at 276 Smith Street in Carroll Gardens, Brooklyn.
The deal closed on January 3, 2024 and was recorded on January 16, 2024. The property has 2,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $851 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, 2004, for $600,000. The signatory for Meir Hillel was Meir Hillel. The signatory for Bren Salamon was Todd Schwartz. The contract date was November 13, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bren Salamon had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Meir Hillel had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Carroll Gardens has 2,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 55 feet deep with a total lot size of 1,100 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. 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 received one DOB violation and $825 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 neighborhood

In Carroll Gardens, The bulk, or 44 percent of the 3.6 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 33 percent of the space. In sales, Carroll Gardens has 1.3 times the average sales volume among other neighborhoods with $387.8 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, Carroll Gardens has had very little major development activity relative to other neighborhoods.It had 153,648 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 20 commercial properties representing 22,825 square feet of the 60,446 square feet. The largest owner is Samuel Friedman, followed by JSAF Management and then Greenbrook Partners.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 60,446 square feet of built space are mixed-use buildings, with walkup buildings next occupying 9 percent of the space.

The buyer

The PincusCo database currently indicates that Bren Salamon owned at least one commercial property with three residential units in New York City with 3,763 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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