Gotham Org. participates in $16.1M purchase of affordable dev site in East New York

Gotham Organization through the entity IUV Phase 1B Owner, LLC participated in the $16.1 million transfer of the affordable housing development parcel (V1) at 35 Inspiration Lane in East New York, Brooklyn. The expected use is ground up development.
The deal closed on March 21, 2025 and was recorded on March 26, 2025. The property has zero square feet of built space and 312,276 square feet of additional air rights for a total buildable of 312,276 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $51 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 Christian Cultural Center was Alfonso R. Bernard. The signatory for Gotham Organization was Alfonso R. Bernard. The contract date was March 21, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Gotham Organization purchased seven properties in four transactions for a total of $465.4 million and sold four properties in three transactions for a total of $206.6 million over the past 24 months.
The seller Christian Cultural Center purchased one property in one transaction for a total of $13.9 million and sold one property in one transaction for a total of $13.9 million over the same time period.

The property

The parcel has frontage of 246 feet and is 369 feet deep with a total lot size of 90,778 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.2 million.

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, B00851732, for a 460-unit, 470,902 square-foot R-2 building. The project was submitted by Gotham Organization and filed by David Picket with plans filed April 14, 2023 and permitted December 12, 2024.

The neighborhood

In East New York, The bulk, or 40 percent of the 44.6 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 1.3 times the average sales volume among other neighborhoods with $366 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, East New York is the 9th most active neighborhood among other neighborhoods. It had 4.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing zero square feet of the 208,624 square feet. The identified owner is Monadnock Development.
On the tax block, there were two new building construction projects totaling 909,085 square feet. The largest is a 460-unit, 470,902 square-foot residential (R-2) building submitted by Gotham Organization and filed by David Picket with plans filed April 14, 2023 and permitted December 12, 2024. The second largest is a 386-unit, 438,183 square-foot residential (R-2) building submitted by Gotham Organization and filed by David Picket with plans filed April 14, 2023 and permitted April 10, 2024.

The majority, or 100 percent of the 208,624 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Christian Cultural Center owned at least two commercial properties in New York City with 0.0 square feet and a city-determined market value of $5.9 million. (Market value is typically about 50% of actual value.) The portfolio has $12.8 million in debt, borrowed from AdelFi Credit Union. Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with specialty properties next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Gotham Organization owned at least seven commercial properties with 2,080 residential units in New York City with 1,653,507 square feet and a city-determined market value of $93.8 million. (Market value is typically about 50% of actual value.) The portfolio has $662.9 million in debt, borrowed from Wells Fargo. Within the portfolio, the bulk, or 64 percent of the 1,653,507 square feet of built space are D6 properties, with elevator properties next occupying 28 percent of the space. The bulk, or 64 percent of the built space, is in Queens, with Manhattan next at 36 percent of the space.

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