Edward Ostad pays $3.4M to Related for 8-unit walkup in Carroll Gardens

Edward Ostad through the entity Meo 103 3rd Place LLC paid $3.4 million to Related Companies through the entity Nysandy8 Brooklyn 9 LLC for the eight-unit residential walkup building (C1) at 103 3rd Place in Carroll Gardens, Brooklyn. The expected use is cash flowing.
The deal closed on October 30, 2024 and was recorded on November 21, 2024. The property has 6,272 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $542 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 July 16, 2015, for $5 million. The signatory for Related Companies was Matthew Becker. The signatory for Edward Ostad was Edward Ostad. The contract date was June 16, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Edward Ostad purchased eight properties in seven transactions for a total of $31.5 million and sold one property in one transaction for a total of $4 million over the past 24 months.
The seller Related Companies purchased six properties in four transactions for a total of $649.3 million and sold 22 properties in 21 transactions for a total of $900.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Natasha Davis, site manager. The business entity is Nysandy8 Brooklyn 9 Llc.

The property

The residential walkup building with 8 residential units in Carroll Gardens has 6,272 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. 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 $2.4 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 one DOB violation and four housing 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 four of the nine commercial properties representing 20,144 square feet of the 44,671 square feet. The largest owner is Laura Hobgood, followed by Related Companies and then Gerard Agard.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 44,671 square feet of built space are walkup buildings, with mixed-use buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Related Companies owned at least 171 commercial properties with 9,498 residential units in New York City with 21,651,917 square feet and a city-determined market value of $6.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.2 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Bank of America respectively. Within the portfolio, the bulk, or 44 percent of the 21,651,917 square feet of built space are elevator properties, with office properties next occupying 32 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Bronx next at 23 percent of the space.

The buyer

The PincusCo database currently indicates that Edward Ostad owned at least 34 commercial properties with 683 residential units in New York City with 651,300 square feet and a city-determined market value of $121.6 million. (Market value is typically about 50% of actual value.) The portfolio has $214.6 million in debt, with top three lenders as Signature Bank, New York Community Bank, and Amalgamated Bank respectively. Within the portfolio, the bulk, or 47 percent of the 651,300 square feet of built space are walkup properties, with elevator properties next occupying 44 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Bronx next at 18 percent of the space.

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