Domenico Galofaro pays $5.5M for 12-unit walkup in Cobble Hill

Domenico Galofaro through the entity Dc 240 Court LLC paid $5.5 million to Joyce Montgomery through the entity 240 Court Street Realty LLC for the 12-unit residential walkup building (C7) at 240 Court Street in Cobble Hill, Brooklyn. The expected use is cash flowing.
The deal closed on March 31, 2025 and was recorded on April 10, 2025. The property has 11,808 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $465 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 Joyce Montgomery was Joyce Montgomery. The signatory for Domenico Galofaro was Domenico Galofaro. The contract date was December 23, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Domenico Galofaro had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joyce Montgomery 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 Joyce Montgomery, head officer and Anna Armato, officer. The business entity is 240 Court Street Realty Llc. The 11,808-square-foot property generated revenue of $473,234 or $40 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 12 residential units in Cobble Hill has 11,808 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 41 feet and is 80 feet deep with a total lot size of 3,346 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Cobble Hill Historic District. The city-designated market value for the property in 2022 is $2.4 million. The property has 12 rent regulated units according to city tax records from 2023.

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 $2,650 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 two of the 10 commercial properties representing 36,510 square feet of the 79,253 square feet. The two identified owners are City Of New York and Salvatore Prestijiacomo.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 79,253 square feet of built space are specialty buildings, with walkup buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Domenico Galofaro owned at least two commercial properties with 51 residential units in New York City with 40,344 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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