Eden Ashourzadeh pays $3M for 5-unit walkup in Greenpoint

Eden Ashourzadeh through the entity Broome 26 LLC paid $3 million to Herbert Moore and Peter Ogilvie through the entity Clock Tower Properties LLC for the five-unit residential walkup building (C2) at 26 Broome Street in Greenpoint, Brooklyn.
The deal closed on April 21, 2023 and was recorded on May 9, 2023. The property has 6,995 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $436 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 December 4, 2013, for $1.9 million. The signatory for Herbert Moore and Peter Ogilvie was Herbert Moore and Peter Ogilvie. The signatory for Eden Ashourzadeh was Eden Ashourzadeh.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eden Ashourzadeh purchased two properties in two transactions for a total of $5.1 million and has no record it sold any properties over the past 24 months.
The seller Herbert Moore 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 Herbert Moore, head officer and Matthew Gelfand, agent. The business entities are Bedford Management and Housatonic Properties. The 6,995-square-foot property generated revenue of $155,779 or $22 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 5 residential units in Greenpoint has 6,995 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 93 feet and is 42 feet deep with a total lot size of 2,000 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 $2 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 13 of the 19 commercial properties representing 55,974 square feet of the 72,794 square feet. The largest owner is Wojciech Czaplicki, followed by Raymond Michael Gallagher and then Mark Jasinski.
On the tax block, there were five new building construction projects totaling 36,249 square feet. The largest is a 25-unit, 18,042 square-foot residential (R-2) building submitted by Gilad Tamir with plans filed May 27, 2021 and permitted February 11, 2022. The second largest is a seven-unit, 4,636 square-foot residential (R-2) building submitted by Frederick Rufrano with plans filed November 20, 2017 and it has not been permitted yet.

The majority, or 80 percent of the 72,794 square feet of built space are walkup buildings, with mixed-use buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Herbert Moore owned at least one commercial property with five residential units in New York City with 6,995 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Eden Ashourzadeh owned at least six commercial properties with 33 residential units in New York City with 28,895 square feet and a city-determined market value of $7.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 78 percent of the 28,895 square feet of built space are walkup properties, with mixed-use properties next occupying 22 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link