Frank Miller pays $3M for mixed-use in Gravesend

Frank Miller through the entity 159 Avenue U LLC paid $3 million to Ferdinand Crisci and Vincent Crisci through the entity Crisci Avenue U, LLC for the four-unit mixed-use buildings (S4) at 157 and 159 Avenue U in Gravesend, Brooklyn. The buildings are on the corner of West 7th Street.
The deal closed on March 20, 2025 and was recorded on March 27, 2025. The two properties have 6,900 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $434 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 Ferdinand Crisci and Vincent Crisci was Ferdinand Crisci and Vincent Crisci. The signatory for Frank Miller was Frank Miller. The contract date was January 27, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 157 Avenue U.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Frank Miller purchased one property in one transaction for a total of $1.9 million and has no record it sold any properties over the past 24 months.
The seller Ferdinand Crisci 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 Vincent Crisci, head officer and Ferdinand Crisci, officer. The business entity is Crisci Avenue U Llc. The two properties with a total of 6,900 square feet of built space generated revenue of $123,234 per year or $18 per square foot. The sale price per square foot was $435.

The property

The mixed-use buildings with 4 residential units in Gravesend have 6,900 square feet of built space according to a PincusCo analysis of city data. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $786,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 $1 million on this tax lot.

The neighborhood

In Gravesend, The bulk, or 40 percent of the 19.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has 1.2 times the average sales volume among other neighborhoods with $317.4 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Gravesend has near average amount of major developments among other neighborhoods and is the 13th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On the tax block of 157 Avenue U, PincusCo has identified the owners of one of the 17 commercial properties representing 5,280 square feet of the 57,600 square feet. The identified owner is Joseph Posa.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 57,600 square feet of built space are mixed-use buildings, with walkup buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Frank Miller owned at least 12 commercial properties with 11 residential units in New York City with 36,864 square feet and a city-determined market value of $8.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 36,864 square feet of built space are mixed-use properties, with office properties next occupying 16 percent of the space. They are all located in Brooklyn.

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