Igor Nestor pays $7.2M for retail in Bay Ridge

Igor Nestor through the entity Bay Ridge Residence LLC paid $7.2 million to Stephen G. Juliano through the entity 9510-9524 3rd Avenue LLC for the retail building (K7) at 9512 3rd Avenue and the adjacent parking lot at 9520 3rd Avenue in Bay Ridge, Brooklyn. The expected use is cash flowing. Santander Bank occupies the property.
The deal closed on November 5, 2024 and was recorded on November 14, 2024. The two properties have 8,400 square feet of built space and 29,100 square feet of additional air rights for a total buildable of 37,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $863 and the price per buildable square foot is $193 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 Stephen G. Juliano was Stephen G. Juliano. The signatory for Igor Nestor was Igor Nestor. The contract date was November 5, 2024.

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 $2.6 million and has no record it sold any properties over the past 24 months.
The seller Stephen G. Juliano had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Bay Ridge has 8,400 square feet of built space and 29,100 square feet of additional air rights for a total buildable of 37,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $380 in OATH 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 neighborhood

In Bay Ridge, The bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has near average sales volume among other neighborhoods with $240.1 million in sales volume in the last two years and is the 26th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 274,337 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On the tax block of 9512 3rd Avenue, PincusCo has identified the owners of two of the eight commercial properties representing 54,960 square feet of the 116,192 square feet. The two identified owners are John Ingravallo and Meridian Properties.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 116,192 square feet of built space are elevator buildings, with retail buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Igor Nestor owned at least two commercial properties in New York City with 8,289 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 8,289 square feet of built space are V0 properties, with V1 properties next occupying 43 percent of the space. They are all located in Brooklyn.

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