Cobble Hill townhouse sells for $10.8M

The individual Jed Cairo through the entity Cobble Hill Home LLC paid $10.8 million to Venice II LLC for the townhouse (A4) at 169 Congress Street in Cobble Hill, Brooklyn.
The deal closed on June 1, 2022 and was recorded on June 29, 2022. The property has 5,000 square feet of built space and 1,075 square feet of additional air rights for a total buildable of 6,075 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,160 and the price per buildable square foot is $1,777 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 January 22, 2020, for $8 million. The signatory for Venice II LLC was Niki Mabey. The signatory for Jed Cairo was Jed Cairo.

Prior sales and revenue

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

The property

The 169 Congress Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Cobble Hill Historic District. The city-designated market value for the property in 2022 is $7.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Cobble Hill, the bulk, or 49 percent of the 4.6 million square feet of commercial built space are 1-4 family buildings, with specialty buildings next occupying 14 percent of the space. In sales, Cobble Hill has had very little sales volume relative to other neighborhoods with $65.8 million in sales volume in the last two years. For development, Cobble Hill has had very little major development activity relative to other neighborhoods.It had 6,572 square feet of commercial and multi-family construction under development in the last two years, which represents 0.14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the nine commercial properties representing 12,500 square feet of the 50,193 square feet. The two identified owners are Jonathan Ostrow and John Behette. There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 199,276 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 23 percent of the space.

Surrounding

Within a 400-foot radius of 169 Congress Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was an initial temporary certificate of occupancy issued on October 27, 2020 for the $610,334 renovation of 3,192-square-foot R-3 building with one residential units at 22 Verandah Place.

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