Brooklyn Community Services pays $4.2M for dev site in Cypress Hills

Brooklyn Community Services through the entity Bcs 3432 Atlantic Housing Development Fund Corpora paid $4.2 million to Lorinda Logan through the entity Logan Realty Corp. for the vacant development site at 3432 Atlantic Avenue in Cypress Hills, Brooklyn. The expected use is ground up development.
The deal closed on August 7, 2024 and was recorded on August 27, 2024. The property has 11,390 square feet of built space and 34,167 square feet of additional air rights for a total buildable of 45,556 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $373 and the price per buildable square foot is $93 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 Lorinda Logan was Lorinda Logan. The signatory for Brooklyn Community Services was Monae Priolenau-Jones. The contract date was January 29, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Brooklyn Community Services had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lorinda Logan had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Cypress Hills has 11,390 square feet of built space and 34,167 square feet of additional air rights for a total buildable of 45,556 square feet according to a PincusCo analysis of city data. The parcel has frontage of 128 feet and is 115 feet deep with a total lot size of 11,389 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $998,000.

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 neighborhood

In Cypress Hills, The bulk, or 24 percent of the 8.6 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 20 percent of the space. In sales, Cypress Hills has had very little sales volume relative to other neighborhoods with $88.3 million in sales volume in the last two years. For development, Cypress Hills has had very little major development activity relative to other neighborhoods.It had 912,618 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

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

The majority, or 76 percent of the 40,626 square feet of built space are industrial buildings, with mixed-use buildings next occupying 24 percent of the space.

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