Firebird Grove pays $7.5M for mixed-use in Fort Greene

Firebird Grove through the entity 99 E Pl Realty, LLC paid $7.5 million to Robert Pollock through the entity 99 S. Elliott Place, LLC for five-unit mixed-use building (S9) at 666 Fulton Street in Fort Greene, Brooklyn.
The deal closed on August 4, 2022 and was recorded on August 17, 2022. The property has 7,948 square feet of built space for a total buildable of 7,948 square feet according to PincusCo analysis of city data. The sale price per built square foot is $943 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 Robert Pollock was Robert Pollock. The signatory for Firebird Grove was Adam J. Semler.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Firebird Grove purchased 38 properties in 27 transactions for a total of $213.5 million and has no record it sold any properties over the past 24 months.
The seller Robert Pollock had not purchased any other properties and sold one properties in one transactions for a total of $7.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Pollock, head officer and Martin Baylen, site manager. The business entity is 99 South Elliot Pl Llc.

The property

The 666 Fulton Street parcel has frontage of 52 feet and is 83 feet deep with a total lot size of 1,987 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Brooklyn Academy of Music Historic District. The city-designated market value for the property in 2022 is $2.1 million.

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 received $25 in OATH penalties 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 Fort Greene, the bulk, or 28 percent of the 11.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 25 percent of the space. In sales, Fort Greene has 1.3 times the average sales volume among other neighborhoods with $458 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Fort Greene has 2.3 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 80,781 square feet of the 166,360 square feet. The identified owner is Hudson Companies.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 166,360 square feet of built space are elevator buildings, with walkup buildings next occupying 42 percent of the space.

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