Cohabs pays $2.2M for 4-family in Crown Heights

Cohabs through the entity 517 Park Place LLC paid $2.2 million to Di-Nola Young and Aretha Young Williams for the four-family building (C3) at 517 Park Place in Crown Heights, Brooklyn.
The deal closed on August 30, 2023 and was recorded on September 7, 2023. The property has 4,860 square feet of built space and 393 square feet of additional air rights for a total buildable of 5,240 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $452 and the price per buildable square foot is $419 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 signatories for Di-Nola Young and Aretha Young Williams were Di-Nola Young and Aretha Young Williams. The signatory for Cohabs was James Grasso.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Cohabs purchased four properties in four transactions for a total of $12.9 million and has no record it sold any properties over the past 24 months.
The seller Di-Nola Young had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Dinola Young, joint owner and Jason Young, joint owner.

The property

The building with 4 residential units in Crown Heights has 4,860 square feet of built space and 393 square feet of additional air rights for a total buildable of 5,240 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 131 feet deep with a total lot size of 2,620 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 $1.3 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 received $1,735 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 block

On this tax block, PincusCo has identified the owners of 25 of the 39 commercial properties representing 161,106 square feet of the 226,660 square feet. The largest owner is Shmuel Wallerstein, followed by Scott Kupferman and then All Year Management.
On the tax block, there was one new building construction project filed totaling 4,443 square feet. It is a two-unit, 4,443 square-foot assembly (A-2) building submitted by Karla Rothstein with plans filed March 21, 2014 and it has not been permitted yet.

The majority, or 81 percent of the 226,660 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Cohabs owned at least four commercial properties with 15 residential units in New York City with 26,755 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 26,755 square feet of built space are C3 properties, with mixed-use properties next occupying 42 percent of the space. They are all located in Brooklyn.

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