Edward Ostad pays $8.1M to Jeffrey Parras for residential walkup building in Sunset Park

Edward Ostad through the entity 57961 Partners LLC paid $8.1 million to Jeffrey Parras through the entity 579 61st Street LLC for the 44-unit residential walkup building at 579 61st Street in Sunset Park, Brooklyn.
The deal closed on December 21, 2021 and was recorded on January 11, 2022.
The property has 28,800 square feet of built space and 1,200 square feet of additional air rights for a total buildable of 30,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $282 and the price per buildable square foot is $270 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 Jeffrey Parras was Jeffrey Parras. The signatory for Edward Ostad was Edward Ostad.
Prior to this transaction, the buyer Edward Ostad purchased one property in one transactions for a total of $4 million and had not sold any properties over the past 24 months.
The seller Jeffrey Parras had not purchased any other properties and had not sold any properties over the same time period.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
In Sunset Park, the majority, or 28 percent of the 49.6 million square feet of built space are 1-4 family buildings, with industrial buildings next occupying 21 percent of the space. In sales, Sunset Park has 1.8 times the average sales volume in the city with $500.6 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 751,643 square feet of commercial construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 59 percent of the 200,931 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 21 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Jeffrey Parras, head officer and Faris Caba, site manager. The business entity is 579 61st Street Llc.
Within a 400-foot radius of 579 61st Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was an initial temporary certificate of occupancy issued on January 7, 2021 for the $250,000 renovation of 2,489-square-foot R-2 building with four residential units at 561 61st Street.

Direct link to Acris document. link