Eckstrom NYC pays $6.4M for 5-unit walkup in Cobble Hill, 12th purchase in 2 years

Eckstrom NYC through the entity Eckstrom Clinton LLC paid $6.4 million to the estate of Josephine Caminiti for the five-unit residential walkup building (C2) at 323 Clinton Street in Cobble Hill, Brooklyn.
The deal closed on May 17, 2024 and was recorded on June 5, 2024. The property has 6,000 square feet of built space and 844 square feet of additional air rights for a total buildable of 6,840 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,066 and the price per buildable square foot is $935 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 Josephine Caminiti was Mary Ann Lester. The signatory for Eckstrom NYC was Carlos Saavedra. The contract date was October 30, 2023. Mary Ann Lester is executor of the estate of Josephine Caminiti, who died April 16, 2020.
Eckstrom NYC has been an active buyer over the past two years.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eckstrom NYC purchased 11 properties in 11 transactions for a total of $52.8 million and has no record it sold any properties over the past 24 months.
The seller Josephine Caminiti had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Mary Ann Lester, head officer. The business entity is Estate Of Josephine Caminiti.

The property

The residential walkup building with 5 residential units in Cobble Hill has 6,000 square feet of built space and 844 square feet of additional air rights for a total buildable of 6,840 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 112 feet deep with a total lot size of 2,815 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 $2.6 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 received four DOB 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 eight commercial properties representing 12,616 square feet of the 28,067 square feet. The two identified owners are Robert & Michele Cristiano and Brandon Hornbeck.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 28,067 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Eckstrom Nyc owned at least 19 commercial properties with 82 residential units in New York City with 102,921 square feet and a city-determined market value of $50.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 34 percent of the 102,921 square feet of built space are walkup properties, with C3 properties next occupying 33 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link