Imre Kaufman pays $2.6M for 8-unit walkup in Fort Greene

Imre Kaufman through the entity 128 Ft Greene LLC paid $2.6 million to the estate of Michael A. DeVito for the eight-unit residential walkup building (C5) at 128 Ft Greene Place in Fort Greene, Brooklyn.
The deal closed on January 29, 2024 and was recorded on February 5, 2024. The property has 3,500 square feet of built space and 692 square feet of additional air rights for a total buildable of 4,198 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $742 and the price per buildable square foot is $619 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 the estate of Michael A. DeVito was Salvatore A. DeVito. The signatory for Imre Kaufman was Imre Kaufman. The contract date was August 28, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Imre Kaufman purchased one property in one transaction for a total of $2.7 million and has no record it sold any properties over the past 24 months.
The seller Salvatore A. DeVito had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Salvatore DeVito, head officer. The business entity is Executor Of Michael Devito.

The property

The residential walkup building with 8 residential units in Fort Greene has 3,500 square feet of built space and 692 square feet of additional air rights for a total buildable of 4,198 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 100 feet deep with a total lot size of 2,099 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Brooklyn Academy of Music Historic District. The city-designated market value for the property in 2022 is $2.9 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 received one DOB violation 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 two of the 11 commercial properties representing 7,000 square feet of the 46,783 square feet. The two identified owners are Scott Kupferman and Michael A. DeVito.
On the tax block, there were two new building construction projects totaling 6,763 square feet. The largest is a two-unit, 3,385 square-foot residential (R-3) building submitted by Alireza Esmaeilzadeh with plans filed March 23, 2018 and permitted June 7, 2021. The second largest is a two-unit, 3,378 square-foot residential (R-3) building submitted by Alireza Esmaeilzadeh with plans filed September 15, 2015 and it has not been permitted yet.

The majority, or 44 percent of the 46,783 square feet of built space are specialty buildings, with walkup buildings next occupying 42 percent of the space.

The buyer

The PincusCo database currently indicates that Imre Kaufman owned at least one commercial property with two residential units in New York City with 2,400 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single B3 property. It is located in Brooklyn.

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