Igor Nestor pays $2.6M for 4-family in Bensonhurst

Igor Nestor through the entity Bath Beach Residence LLC paid $2.6 million to Carlo Ruggiero and Rosalie Gonzalez for the four-unit building (C3) at 1722 84th Street in Bensonhurst, Brooklyn.
The deal closed on May 16, 2023 and was recorded on June 2, 2023. The property has 3,600 square feet of built space and 6,559 square feet of additional air rights for a total buildable of 10,122 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $736 and the price per buildable square foot is $261 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 Carlo Ruggiero and Rosalie Gonzalez was Carlo Ruggiero and Rosalie Gonzalez. The signatory for Igor Nestor was Igor Nestor.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Igor Nestor purchased one property in one transaction for a total of $2.5 million and has no record it sold any properties over the past 24 months.
The seller Carlo Ruggiero had not purchased any other properties and had not sold any properties over the same time period.

The property

The building with 4 residential units in Bensonhurst has 3,600 square feet of built space and 6,559 square feet of additional air rights for a total buildable of 10,122 square feet according to a PincusCo analysis of city data. The parcel has frontage of 84 feet and is 101 feet deep with a total lot size of 8,098 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $809,000.

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

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 three of the 15 commercial properties representing 123,053 square feet of the 217,807 square feet. The largest owner is Tony Safonte, followed by Robert Ezeir and then Center Management Group.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 217,807 square feet of built space are specialty buildings, with walkup buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Igor Nestor owned at least one commercial property with three residential units in New York City with 4,689 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C0 property. It is located in Brooklyn.

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