Cohabs pays $3.4M for 4-unit walkup in Bed Stuy

Cohabs through the entity 267 Kosciuszko LLC paid $3.4 million to Robert Philip through for the four-unit building (C3) at 267 Kosciuszko Street in Bed Stuy, Brooklyn.
The deal closed on August 25, 2022 and was recorded on September 16, 2022. The property has 8,975 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $373 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 Robert Philip was Robert Philip. The signatory for Cohabs was James Patrick Grasso.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Cohabs purchased one property in one transaction for a total of $4.2 million and has no record it sold any properties over the past 24 months.
The seller Robert Philip had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Robert Philip, individual owner.

The property

The 267 Kosciuszko Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,550 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 $943,500.

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 $300 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 30, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 143,311 square feet of the 164,566 square feet. The largest owner is Mordechai Halberstam, followed by Danielle Minelli Pagnotta and then Yidel Hirsch.
There is one active new building construction project totaling 7,498 square feet. It is a 10-unit, 7,498-square-foot R-2 building developed by Bob Michaeli with plans filed January 14, 2014 and it has not been permitted yet.

The majority, or 63 percent of the 164,566 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Cohabs owned at least one commercial property in New York City with 5,625 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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