Cohabs pays $4.2M to Richard Thypin for in Crown Heights

Cohabs through the entity 1162 Pacific LLC paid $4.2 million to Richard Thypin through the entity Pacific Street Owner, LLC for the four-unit property (C5) at 1162 Pacific Street in Crown Heights, Brooklyn.
The deal closed on November 28, 2023 and was recorded on December 8, 2023. The property has 7,296 square feet of built space and 438 square feet of additional air rights for a total buildable of 7,740 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $575 and the price per buildable square foot is $542 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 July 20, 2015, for $4 million. The signatory for Richard Thypin was Richard S. Thypin. The signatory for Cohabs was James Grasso. The contract date was July 5, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Cohabs purchased seven properties in seven transactions for a total of $21.1 million and has no record it sold any properties over the past 24 months.
The seller Richard Thypin 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 Nicolas Thypin-Bermeo, head officer and Richard Thypin, officer. The business entities are Bayard Street Properties Management Llc and Pacific Street Owner, Llc.

The property

The property with 4 residential units in Crown Heights has 7,296 square feet of built space and 438 square feet of additional air rights for a total buildable of 7,740 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 120 feet deep with a total lot size of 2,580 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 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 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. On the tax lot, the most recent condominium plan was filed by GREENE LAND LLC to create 4 residential units in a building at 1162 Pacific Street in Crown Heights, Brooklyn, called 1162 Pacific Street Condominiumthat has a $4.4 million sellout, according to an April 7, 2015 submission to the New York State Attorney General. The principal of the sponsor, GREENE LAND LLC, was Robert Loheit.

The block

On this tax block, PincusCo has identified the owners of 16 of the 20 commercial properties representing 332,143 square feet of the 366,538 square feet. The largest owner is Steven Engel, followed by Settlement Housing Fund and then Scottie Leaks.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 366,538 square feet of built space are elevator buildings, with walkup buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Richard Thypin owned at least two commercial properties with seven residential units in New York City with 17,096 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Preferred Bank. Within the portfolio, the bulk, or 71 percent of the 17,096 square feet of built space are mixed-use properties, with walkup properties next occupying 29 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Cohabs owned at least seven commercial properties with 23 residential units in New York City with 41,979 square feet and a city-determined market value of $8.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 41,979 square feet of built space are C3 properties, with mixed-use properties next occupying 27 percent of the space. The bulk, or 90 percent of the built space, is in Brooklyn, with Manhattan next at 10 percent of the space.

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