Eckstrom NYC pays $4.9M for 3-family in Cobble Hill

Eckstrom NYC through the entity 51 Tompkins Place LLC paid $4.9 million for the three-unit family building (C0) at 51 Tompkins Place in Cobble Hill, Brooklyn.
The deal closed on August 24, 2023 and was recorded on September 11, 2023. The property has 3,520 square feet of built space and 2,030 square feet of additional air rights for a total buildable of 5,545 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,392 and the price per buildable square foot is $883 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 the seller was Carol Ann Schettina. The signatory for Eckstrom NYC was Carlos Saavedra. The contract date was May 3, 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 $48.9 million and has no record it sold any properties over the past 24 months.
The seller Carol Ann Schettina 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 Carol Schettina, individual owner and Vincent Schettina, site manager.

The property

The building with 3 residential units in Cobble Hill has 3,520 square feet of built space and 2,030 square feet of additional air rights for a total buildable of 5,545 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 2,282 square feet. 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 $4.6 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 two of the 18 commercial properties representing 13,400 square feet of the 106,598 square feet. The two identified owners are Charney Companies and Abelardo Argibay.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 106,598 square feet of built space are mixed-use buildings, with specialty buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that Eckstrom NYC owned at least 15 commercial properties with 67 residential units in New York City with 86,393 square feet and a city-determined market value of $40.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 41 percent of the 86,393 square feet of built space are walkup properties, with C3 properties next occupying 25 percent of the space. They are all located in Brooklyn.

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