East Coast Acquisitions paid $28M to Acadia Realty Trust

East Coast Acquisitions through the entity Eca Buligo Nostrand Partners, Lp paid Acadia Realty Trust’s Acadia 3780-3858 Nostrand Avenue LLC $27.7 million for 1 parcel, including the tax class two-story or store and office (K2) at 3860 Nostrand Avenue in Sheepshead Bay. The deal closed on August 22, 2019 and was recorded on September 04, 2019. The parcel(s) have total development potential of 69,508 square feet.
The average sale price per square foot is $407.
The estimated cap rate is 4.1%
The last time the property sold was February 15, 2013, for $19,569,003.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 19, 2019.
Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $100,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $1,636,685.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.