Eckstrom NYC pays $4.7M for 4-family in Cobble Hill

Eckstrom NYC through the entity 487 Henry LLC paid $4.7 million to the Troisi family for the four-unit building (C3) at 487 Henry Street in Cobble Hill, Brooklyn.
The deal closed on March 20, 2024 and was recorded on April 2, 2024. The property has 4,224 square feet of built space and 1,121 square feet of additional air rights for a total buildable of 5,343 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,100 and the price per buildable square foot is $870 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 signatories for Andrew M. Troisi, Peter J. Troisi, the estate of Louise Troisi, and Michael E. Troisi were Andrew M. Troisi, Peter J. Troisi, and Michael e. Troisi. The signatory for Eckstrom NYC was Carlos Saavedra. The contract date was September 22, 2023.

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 $50.8 million and has no record it sold any properties over the past 24 months.
The seller Andrew M. Troisi 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 Michael Troisi, joint owner and Trustuwolouise Troisi, joint owner.

The property

The 1-4 family building with 4 residential units in Cobble Hill has 4,224 square feet of built space and 1,121 square feet of additional air rights for a total buildable of 5,343 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 100 feet deep with a total lot size of 2,199 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 $2.1 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

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 23,008 square feet of built space are walkup buildings, with specialty buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Eckstrom Nyc owned at least 17 commercial properties with 74 residential units in New York City with 94,897 square feet and a city-determined market value of $47 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 37 percent of the 94,897 square feet of built space are walkup properties, with C3 properties next occupying 28 percent of the space. They are all located in Brooklyn.

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