Gary Blond pays $6.2M for 9-unit walkup in Brooklyn Heights
Gary Blond through the entity 41 13 YC LLC paid $6.2 million to Moshe Khoshkheraman through the entity 308 Hicks St LLC for the nine-unit residential walkup building (C1) at 308 Hicks Street in Brooklyn Heights, Brooklyn.
The deal closed on January 31, 2024 and was recorded on February 7, 2024. The property has 7,220 square feet of built space and 59 square feet of additional air rights for a total buildable of 7,265 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $865 and the price per buildable square foot is $860 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 June 29, 2022, for $5.1 million. The signatory for Moshe Khoshkheraman was Moshe Khoshkheraman. The signatory for Gary Blond was Gary Blond. The contract date was November 8, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Gary Blond had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Moshe Khoshkheraman purchased eight properties in seven transactions for a total of $35.9 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Moshe Khoshkheraman, head officer and Reuben Elnadav, site manager. The business entity is 308 Hicks St Llc.
The property
The residential walkup building with 9 residential units in Brooklyn Heights has 7,220 square feet of built space and 59 square feet of additional air rights for a total buildable of 7,265 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 125 feet deep with a total lot size of 2,990 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 Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $2.6 million. The most recent loan totaled $5 million and was provided by Maurice Sohayegh|Hooshang Sohayegh|Shapour Sohayegh|Bijan Kaypour|Lisa Sohayegh Weitz|Behrouz Oheb on June 29, 2022.
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 received $1,250 in ECB penalties 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 block
On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 16,119 square feet of the 23,119 square feet. The largest owner is Steven Vince, followed by Ralph Morgan and then Phyllis T. McKeen.
There are no active new building construction projects on this tax block.
The majority, or 70 percent of the 23,119 square feet of built space are walkup buildings, with specialty buildings next occupying 30 percent of the space.
The seller
The PincusCo database currently indicates that Moshe Khoshkheraman owned at least nine commercial properties with 94 residential units in New York City with 59,259 square feet and a city-determined market value of $23.4 million. (Market value is typically about 50% of actual value.) The portfolio has $27.1 million in debt, with top three lenders as Flushing Bank, Shapour Sohayegh, and Sunrise Capital NY respectively. Within the portfolio, the bulk, or 85 percent of the 59,259 square feet of built space are walkup properties, with mixed-use properties next occupying 12 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.
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