Cohabs pays $2.3M for mixed-use in Crown Heights

120 Kingston Avenue (Credit - Google)

120 Kingston Avenue (Credit - Google)

Coliving company Cohabs through the entity Kingston120 LLC paid $2.3 million to Oren Goldhaber through the entity 120 Kingston LLC for the three-unit mixed-use building (S3) at 120 Kingston Avenue in Crown Heights, Brooklyn.
The deal closed on March 16, 2023 and was recorded on March 27, 2023. The property has 5,646 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $411 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 February 13, 2013, for $925,000. The signatory for Oren Goldhaber was Oren Goldhaber. The signatory for Cohabs was James Grasso.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Cohabs purchased three properties in three transactions for a total of $10.6 million and has no record it sold any properties over the past 24 months.
The seller Oren Goldhaber had not purchased any other properties and sold one property in one transaction for a total of $5.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Daniel Branover, head officer and Benjamin Baum, site manager. The business entity is 120 Kingston Avenue. The 5,646-square-foot property generated revenue of $109,024 or $19 per square foot, according to the most recent income and expense figures.

The property

The 120 Kingston Avenue parcel has frontage of 18 feet and is 94 feet deep with a total lot size of 1,739 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 Crown Heights North Historic District. The city-designated market value for the property in 2022 is $926,000.

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 received $13,750 in ECB penalties and $16,410 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 $5 million on this tax lot.

The neighborhood

In Crown Heights, the bulk, or 38 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 1.7 times the average sales volume among other neighborhoods with $593.4 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Crown Heights has 2.8 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 13 commercial properties representing 56,852 square feet of the 72,016 square feet. The largest owner is K De Verteuil, followed by Hudson Companies and then Greater Mt. Pleasant Church.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 71,816 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Cohabs owned at least three commercial properties in New York City with 21,109 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 73 percent of the 21,109 square feet of built space are C3 properties, with mixed-use properties next occupying 27 percent of the space. They are all located in Brooklyn.

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