Emmett Laffey pays $2.1M for three commercial properties in Brooklyn

Emmett Laffey paid $2.15 million to A.R. Connelly Inc. for three commercial properties in Brooklyn in three separate transactions.

In the first, Emmett Laffey through the entity 4717 Avenue N LLC paid $800,000 to Ann MacBride through the entity A.R. Connelly Inc. for retail building (K4) at 4717 Avenue N in Flatlands, Brooklyn.
The deal closed on November 4, 2022 and was recorded on November 25, 2022. The property has 2,800 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $285 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 A.R. Connelly Inc. was Ann MacBride. The signatory for Emmett Laffey was Emmett Laffey.

In the second, Emmett Laffey through the entity 9301 Flatsland LLC paid $750,000 to Ann MacBride through the entity A.R. Conelly Inc. for office building (O5) at 9305 Flatlands Avenue in Canarsie, Brooklyn.
The deal closed on November 4, 2022 and was recorded on November 25, 2022.The property has 2,496 square feet of built space and 299 square feet of additional air rights for a total buildable of 2,806 square feet according to PincusCo analysis of city data. The sale price per built square foot is $300 and the price per buildable square foot is $267 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 Ann MacBride was Ann MacBride. The signatory for Emmett Laffey was Emmett Laffey.

In the third, Emmett Laffey through the entity 2280 Flatbush LLC paid $600,000 to Ann MacBride through the entity A.R. Conelly Inc. for retail building (K1) at 2280 Flatbush Avenue in Marine Park, Brooklyn.
The deal closed on November 4, 2022 and was recorded on November 25, 2022.The property has 1,380 square feet of built space and 620 square feet of additional air rights for a total buildable of 2,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $434 and the price per buildable square foot is $300 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 Ann MacBride was Ann MacBride. The signatory for Emmett Laffey was Emmett Laffey.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Emmett Laffey had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ann MacBride had not purchased any other properties and sold two properties in two transactions for a total of $7.5 million over the same time period. The 2,800-square-foot property generated revenue of $57,512 or $21 per square foot, according to the most recent income and expense figures.

The property

The 4717 Avenue N parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $264,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Flatlands, the bulk, or 36 percent of the 6.2 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 20 percent of the space. In sales, Flatlands has the 36th highest sale turnover among other neighborhoods in Brooklyn with $79.5 million in sales volume in the last two years. For development, Flatlands has had very little major development activity relative to other neighborhoods.It had 315,592 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block, there were two new building construction projects totaling 3,920 square feet. The largest is a two-unit, 2,160-square-foot R-3 building developed by Hussain Muzzamal with plans filed June 28, 2013 and it has not been permitted yet.The second largest is a two-unit, 1,760-square-foot R-3 building developed by Akbar Ali with plans filed January 3, 2020 and it has not been permitted yet.

The majority, or 65 percent of the 21,097 square feet of built space are mixed-use buildings, with retail buildings next occupying 35 percent of the space.

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