Cohabs pays $3.2M for 4-family in Bedford Stuyvesant

Cohabs through the entity 391 Lewis LLC paid $3.2 million to Randall K. Hooks and Nina Hooks for the four-unit building (C3) at 391 Lewis Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on August 30, 2023 and was recorded on September 18, 2023. The property has 6,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $533 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 Randall K. Hooks and Nina Hooks was Randall K. Hooks and Nina Hooks. The signatory for Cohabs was James Grasso. The contract date was November 23, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Cohabs purchased five properties in five transactions for a total of $15.1 million and has no record it sold any properties over the past 24 months.
The seller Randall K. Hooks 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 Randall Hooks, head officer and Nina Hooks, officer.

The property

The building with 4 residential units in Bedford Stuyvesant has 6,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,799 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Stuyvesant Heights Historic District. The city-designated market value for the property in 2022 is $789,000.

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 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 $1 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 10,157 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Cohabs owned at least five commercial properties with 19 residential units in New York City with 31,615 square feet and a city-determined market value of $6.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 64 percent of the 31,615 square feet of built space are C3 properties, with mixed-use properties next occupying 36 percent of the space. They are all located in Brooklyn.

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