Gaston family pays $16.5M to Michael Tsoumpas for rental in Boerum Hill

Gaston family through the entity Gast House, L.L.C. paid $16.5 million to Michael Tsoumpas through the entity Tsoumpas 333 Group LLC for the 22-unit rental (D6) at 333 Atlantic Avenue in Boerum Hill, Brooklyn.
The deal closed on August 5, 2021 and was recorded on August 27, 2021.
The property has 22,781 square feet of built space and 0 square feet of additional air rights for a total buildable of 21,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $724 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 Michael Tsoumpas was Michael Tsoumpas. The signatory for Gaston family was James R. Gaston.
(320375991)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 22 residential units on May 25, 2016.
The contract date was May 19, 2021. The property was purchased by two tenants-in-common, one buying 80% and the other 20%. Both were signed for by James Gaston.
The former owners according to the Department of Housing Preservation and Development included Michael Tsoumpas, head officer and Simone Politidis, officer. The business entity was Tsoumpas 333 Group, Llc.

Within a 400-foot radius of 333 Atlantic Avenue, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, four were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $999,994 and two permits with a total initial cost of $2.3 million. The most recent of these four items was the filing on July 12, 2021 for a 14,609-square-foot RES building with 21 residential units at 316 Atlantic Avenue.
Of those 11 items, three were sales above $5 million totaling $24.8 million. The most recent of the three was Bayrock Capital which bought the 18,500-square-foot, dormitory (H8) on 316 Atlantic Avenue for $13 million from Alex Shchegol on August 20, 2021.
Of those 11 items, four were loans above $5 million totaling $41.6 million. The most recent of the four was Bayrock Capital which borrowed $10.6 million from M&T Bank secured by the 18,500-square-foot, one-unit dormitory (H8) on 316 Atlantic Avenue on August 20, 2021.

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