Cofinance Group pays $12M to Hidrock for mixed-use buildings in Boerum Hill

The Cofinance Group paid $12 million to Hidrock Properties for two mixed-use buildings in Boerum Hill in two separate transactions.

In the first, Cofinance Group through the entity 348 Atlantic Avenue Owner LLC paid $6 million to Hidrock Properties through the entity Atlantic Hoyt Brooklyn LLC for six-unit mixed-use building (S5) at 348 Atlantic Avenue in Boerum Hill, Brooklyn.
The deal closed on July 21, 2021 and was recorded on August 3, 2021.
The property has 6,000 square feet of built space and 0 square feet of additional air rights for a total buildable of 6,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $999 per the PincusCo analysis. The price per foot analysis is simply the sale price divided by square feet as reported in public records and assumes no air rights have been sold.
The owner bought the property on 31-Mar-14, for $7.1 million.
The signatory for Hidrock Properties was Eddie J. Hidary. The signatory for Cofinance Group was Mark Winter-Gitelson.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $119,000.
Mark Winter-Gitelson is Vice President of US Operations for Cofinance Group. 
The former owners according to the Department of Housing Preservation and Development included Steven Hidary, head officer and Tamita Brown, site manager. The business entity was Atlantic Hoyt Brooklyn Llc.

Within a 400-foot radius of 348 Atlantic Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $250,000 and one permit with a total initial cost of $1.8 million. The most recent of these two items was the filing on November 6, 2020 for a 8,871-square-foot residential R-3 building with five residential units at 338 Atlantic Avenue.
Of those five items, three were loans above $5 million totaling $73.3 million. The most recent of the three was East Group Capital which borrowed $6.5 million from Bayport secured by the 5,100-square-foot, five-unit mixed-use building (S4) on 328 Atlantic Avenue on July 24, 2020.

Direct link to Acris document. link

In the second transaction, Cofinance Group through the entity 336 State Street Owner LLC paid $5.9 million to Hidrock Properties through the entity State Hoyt Brooklyn LLC for six-unit mixed-use building (S9) at 336 State Street in Boerum Hill, Brooklyn.
The deal closed on July 21, 2021 and was recorded on August 3, 2021.
The property has 5,150 square feet of built space and 0 square feet of additional air rights for a total buildable of 4,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,136 per the PincusCo analysis. The price per foot analysis is simply the sale price divided by square feet as reported in public records and assumes no air rights have been sold.
The owner bought the property on 31-Mar-14, for $4.9 million.
The signatory for Hidrock Properties was Eddie J. Hidary. The signatory for Cofinance Group was Mark Winter-Gitelson.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $117,400.
The former owners according to the Department of Housing Preservation and Development included Abraham Hidary, head officer and Tamita Brown, agent. The business entities were State Hoyt Brooklyn Llc and State Hoyt Brooklyn Llc.

Direct link to Acris document. link