Gabriel Huerta pays $1.6M for dev site in Fort Greene

Gabriel Huerta through the entity One Fourteen Adelphi LLC paid $1.6 million to Iskyo Aronov through the entity 114 Ad Inc. for the development site (V0) at 114 Adelphi Street in Fort Greene, Brooklyn.
The deal closed on April 22, 2024 and was recorded on April 30, 2024. The property has zero square feet of built space and 4,998 square feet of additional air rights for a total buildable of 4,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $325 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 November 3, 2014, for $235,000. The signatory for Iskyo Aronov was Iskyo Aronov. The signatory for Gabriel Huerta was Gabriel Huerta. The contract date was May 24, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gabriel Huerta had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Iskyo Aronov had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Dominique Vabre, head officer. The business entity is 114 Ad Inc.

The property

The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $346,000.

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.

Development

On the lot, there is one active new building construction project for a six-unit, 4,999 square-foot R-2 building. The project was submitted by Michael Gendin with plans filed March 16, 2015 and it has not been permitted yet.

The neighborhood

In Fort Greene, The bulk, or 34 percent of the 12.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 23 percent of the space. In sales, Fort Greene has 2.1 times the average sales volume among other neighborhoods with $594.7 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Fort Greene has 1.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 26 commercial properties representing 6,100 square feet of the 242,085 square feet. The identified owner is G-Way Management.
On the tax block, there were seven new building construction projects totaling 44,637 square feet. The largest is a 16-unit, 11,128 square-foot residential (R-2) building submitted by Manager Project with plans filed February 19, 2024 and it has not been permitted yet. The second largest is a eight-unit, 9,648 square-foot residential (R-2) building submitted by Zigmund Klein with plans filed March 30, 2017 and it has not been permitted yet.

The majority, or 81 percent of the 242,085 square feet of built space are walkup buildings, with elevator buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Iskyo Aronov owned at least one commercial property with five residential units in New York City with 4,800 square feet and a city-determined market value of $835,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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