Brooklyn Home Company pays $4M for 4-family in Park Slope

Brooklyn Home Company through the entity 426 Holdings, LLC paid $4 million to the estate of Judy Budhram for the four-unit building (C3) at 426 2nd Street in Park Slope, Brooklyn.
The deal closed on April 19, 2024 and was recorded on April 26, 2024. The property has 5,340 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $749 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 estate of Judy Budhram was Portia Noriega and Bonnie Cohen-Gallet. The contract date was November 8, 2023. Judy Budhram also known as Judy Thomas died June 7, 2013.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Brooklyn Home Company purchased one property in one transactions for a total of $7.5 million and has no record it sold any properties over the past 24 months.
The seller Judy Budhram had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Judy Thomas, head officer.

The property

The 1-4 family building with 4 residential units in Park Slope has 5,340 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 95 feet deep with a total lot size of 1,884 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 $2.2 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 owners of five of the 15 commercial properties representing 29,787 square feet of the 98,416 square feet. The largest owner is Nicholas Devito, followed by John Mercado and then I. Wolhendler.
On the tax block, there were two new building construction projects totaling 12,084 square feet. The largest is a one-unit, 6,196 square-foot residential (R-3) building submitted by Willam Caleo with plans filed April 19, 2023 and it has not been permitted yet. The second largest is a one-unit, 5,888 square-foot residential (R-3) building submitted by Oliver Dowling with plans filed January 23, 2023 and it has not been permitted yet.

The majority, or 88 percent of the 98,416 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Brooklyn Home Company owned at least two commercial properties with 37 residential units in New York City with 54,452 square feet and a city-determined market value of $7.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 88 percent of the 54,452 square feet of built space are elevator properties, with M1 properties next occupying 12 percent of the space. They are all located in Brooklyn.

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