Cohabs pays $3.8M to Cycamore Capital for 4-family in Bedford Stuyvesant

Cohabs through the entity 235 Bainbridge LLC paid $3.8 million to Cycamore Capital through the entity 235 Bainbridge Street LLC for the four-unit building (C3) at 235 Bainbridge Street in Bedford Stuyvesant, Brooklyn.
The deal closed on February 28, 2024 and was recorded on March 15, 2024. The property has 6,300 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $603 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 August 19, 2020, for $2.2 million. The signatory for Cycamore Capital was Johnny C. Din. The signatory for Cohabs was James Grasso. The contract date was September 27, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Cohabs purchased eight properties in eight transactions for a total of $25.3 million and has no record it sold any properties over the past 24 months.
The seller Cycamore Capital purchased two properties in two transactions for a total of $5 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Jasi Navarro, head officer. The business entity is 235 Bainbridge Street LLC.

The property

The building with 4 residential units in Bedford Stuyvesant has 6,300 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,050 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 $792,000.

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 received $50 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 12 of the 23 commercial properties representing 90,428 square feet of the 125,768 square feet. The largest owner is Yosef Emergi, followed by Yoel Berkowitz and then New Destiny Housing Corporation.
On the tax block, there were three new building construction projects totaling 14,874 square feet. The largest is a seven-unit, 4,996 square-foot residential (R-2) building submitted by Eran Greenfeld with plans filed January 8, 2024 and it has not been permitted yet. The second largest is a seven-unit, 4,939 square-foot residential (R-2) building submitted by Jason Oshins with plans filed September 23, 2014 and it has not been permitted yet.

The majority, or 82 percent of the 125,768 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Cycamore Capital owned at least eight commercial properties with 41 residential units in New York City with 32,544 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 82 percent of the 32,544 square feet of built space are walkup properties, with C0 properties next occupying 11 percent of the space. The bulk, or 86 percent of the built space, is in Brooklyn, with Queens next at 14 percent of the space.

The buyer

The PincusCo database currently indicates that Cohabs owned at least eight commercial properties with 27 residential units in New York City with 49,275 square feet and a city-determined market value of $9.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 53 percent of the 49,275 square feet of built space are C3 properties, with mixed-use properties next occupying 23 percent of the space. The bulk, or 91 percent of the built space, is in Brooklyn, with Manhattan next at 9 percent of the space.

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