Chestnut Holdings pays $8M to Jason Korn for rental in Crown Heights

Chestnut Holdings of New York through the entity 776 C LLC paid $8 million to Jason Korn through the entity 776 Crown Street Realty LLC for 46-unit rental (C7) at 776 Crown Street in Crown Heights, Brooklyn.
The deal closed on December 27, 2021 and was recorded on January 4, 2022.
The property has 37,525 square feet of built space and 3,326 square feet of additional air rights for a total buildable of 40,867 square feet according to PincusCo analysis of city data. The sale price per built square foot is $211 and the price per buildable square foot is $194 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 Jason Korn was Jason Korn. The signatory for Chestnut Holdings of New York was Ben Rieder.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The buyer signatory was Ben Rieder, who is COO of Chestnut Holdings of New York. However, the care of address was at Denali Management.
The former owners according to the Department of Housing Preservation and Development included Jason Korn, head officer and Mazzon Grant, site manager. The business entity is 776 Crown St Realty Llc.

Within a 400-foot radius of 776 Crown Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on August 3, 2020 for the $296,195 renovation of 2,827-square-foot B building with 0 residential units at 410 Utica Avenue.
Of those three items, two were loans above $5 million totaling $25.7 million. The most recent of the two was Jacob Hager and Naftali Hager which borrowed $14.8 million from Greystone & Co. secured by the 99,822-square-foot, 94-unit rental (D1) on 947 Montgomery Street on December 17, 2020.

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