Emma Neath through the entity Neath, Christopher paid $3.1 million to John LaFrancesca and Victoria LaFrancesca for the four-unit building (C3) at 59 Cheever Place in Cobble Hill, Brooklyn.
The deal closed on May 25, 2023 and was recorded on June 5, 2023. The property has 2,520 square feet of built space and 1,787 square feet of additional air rights for a total buildable of 4,301 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,230 and the price per buildable square foot is $720 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 January 9, 2006, for $550,000. The signatory for John LaFrancesca and Victoria LaFrancesca was John LaFrancesca and Victoria LaFrancesca. The signatory for Emma Neath was Emma Neath.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Emma Neath had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John LaFrancesca 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 Joseph Lafrancesca, individual owner and John Lafrancesca, site manager.
The 1-4 family building with 4 residential units in Cobble Hill has 2,520 square feet of built space and 1,787 square feet of additional air rights for a total buildable of 4,301 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 88 feet deep with a total lot size of 1,770 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 $1.6 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.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 6,160 square feet of the 16,784 square feet. The identified owner is Gregory O’Connell.
There are no active new building construction projects on this tax block.
The majority, or 73 percent of the 16,784 square feet of built space are walkup buildings, with mixed-use buildings next occupying 27 percent of the space.
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