Eckstrom NYC pays $3.9M for 4-family in Boerum Hill

Eckstrom NYC through the entity 285 Pacific LLC paid $3.9 million for the four-unit building (C3) at 285 Pacific Street in Boerum Hill, Brooklyn.
The deal closed on May 15, 2024 and was recorded on May 31, 2024. The property has 3,800 square feet of built space and 697 square feet of additional air rights for a total buildable of 4,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,013 and the price per buildable square foot is $855 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 February 5, 2004, for $969,000. The signatory for Peter J. Laughter and Stacey Goldman-Laughter was Peter J. Laughter and Stacey Goldman-Laughter. The signatory for Eckstrom NYC was Carlos Saavedra. The contract date was January 23, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eckstrom NYC purchased 10 properties in 10 transactions for a total of $48.9 million and has no record it sold any properties over the past 24 months.
The seller Peter J. Laughter 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 Stacey Goldman-Laughter, individual owner and Peter Laughter, site manager.

The property

The 1-4 family building with 4 residential units in Boerum Hill has 3,800 square feet of built space and 697 square feet of additional air rights for a total buildable of 4,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,250 square feet. The lot is irregular. 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 $1.8 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.

The block

On this tax block, PincusCo has identified the owners of 15 of the 25 commercial properties representing 135,393 square feet of the 186,834 square feet. The largest owner is Zvi Oksenberg, followed by Sugar Hill Capital Partners and then Pietro Costa.
On the tax block, there were three new building construction projects totaling 57,129 square feet. The largest is a four-unit, 25,006 square-foot residential (R-2) building submitted by Maragaret Grossman with plans filed February 6, 2019 and it has not been permitted yet. The second largest is a four-unit, 24,047 square-foot residential (R-2) building submitted by Barbara Costa with plans filed April 14, 2015 and it has not been permitted yet.

The majority, or 68 percent of the 186,834 square feet of built space are mixed-use buildings, with walkup buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Eckstrom Nyc owned at least 18 commercial properties with 78 residential units in New York City with 99,121 square feet and a city-determined market value of $49.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 35 percent of the 99,121 square feet of built space are walkup properties, with C3 properties next occupying 31 percent of the space. They are all located in Brooklyn.

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