Ink Property Group pays $2.6M for mixed-use in Carroll Gardens

Ink Property Group through the entity 423 Court LLC paid $2.6 million to Ralph DiBenedetto Jr. through the entity Di Benedetto, Ralph Jr. for three-unit mixed-use building (S3) at 423 Court Street in Carroll Gardens, Brooklyn.
The deal closed on August 24, 2022 and was recorded on September 7, 2022. The property has 3,200 square feet of built space and 4,368 square feet of additional air rights for a total buildable of 7,575 square feet according to PincusCo analysis of city data. The sale price per built square foot is $821 and the price per buildable square foot is $347 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 Ralph DiBenedetto Jr. was Ralph DiBenedetto Jr.. The signatory for Ink Property Group was Alon Ashourzadeh.
Last month, the New York State Attorney General and Ink Property Group signed a settlement which concluded that the firm illegally bought out rent-stabilized tenants, among other charges, and paid $400,000 toward a fund, and may pay up to $1.75 million, according to the release.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ink Property Group purchased two properties in one transactions for a total of $4.6 million and sold one properties in one transactions for a total of $3 million over the past 24 months.
The seller Ralph DiBenedetto Jr. 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 Ralph Di Benedetto, individual owner.

The property

The 423 Court Street parcel has frontage of 20 feet and is 50 feet deep with a total lot size of 2,525 square feet. The lot is irregular. 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 $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received six housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Carroll Gardens, the bulk, or 45 percent of the 3.6 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 32 percent of the space. In sales, Carroll Gardens has had very little sales volume relative to other neighborhoods with $198.8 million in sales volume in the last two years. For development, Carroll Gardens has had very little major development activity relative to other neighborhoods.It had 106,704 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the nine commercial properties representing 12,852 square feet of the 44,671 square feet. The two identified owners are Laura Hobgood and Related Companies.
There are no active new building construction projects on this tax block.

the majority, or 58 percent of the 44,671 square feet of built space are walkup buildings, with mixed-use buildings next occupying 42 percent of the space.

The buyer

The PincusCo database, which is incomplete, currently indicates that Ink Property Group owned at least nine commercial properties in New York City with 42,978 square feet and a city-determined market value of $12.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 44 percent of the 42,978 square feet of built space are walkup properties, with mixed-use properties next occupying 41 percent of the space. The bulk, or 58 percent of the built space, is in Brooklyn, with Queens next at 27 percent of the space.

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