Investor pays $3M for 10-unit rental in Brooklyn Heights

Alexander Freedman through the entity 120 Pierrepont LLC paid $3 million through an estate sale to Gloria Rivera through the entity Estate Of Gloria Rivera for the 10-unit residential elevator building (D1) at 120 Pierrepont Street in Brooklyn Heights, Brooklyn. The expected use is cash flowing.
The deal closed on July 25, 2024 and was recorded on July 31, 2024. The property has 8,250 square feet of built space and 349 square feet of additional air rights for a total buildable of 8,596 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $363 and the price per buildable square foot is $348 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 Gloria Rivera was James R. Santangelo. The signatory for Alexander Freedman was Alexander Freedman. The contract date was February 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Alexander Freedman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gloria Rivera had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Juan Rivera, head officer and Gloria Rivera, shareholder. The business entity is Rivera Realty Co.

The property

The residential elevator building with 10 residential units in Brooklyn Heights has 8,250 square feet of built space and 349 square feet of additional air rights for a total buildable of 8,596 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $4.2 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 received $50 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 block

On this tax block, PincusCo has identified the owners of 10 of the 16 commercial properties representing 76,672 square feet of the 130,297 square feet. The largest owner is Alfred Calfa, followed by Cindy Prusinowski and then Conway Capital.
There are no active new building construction projects on this tax block.

The majority, or 33 percent of the 130,297 square feet of built space are walkup buildings, with mixed-use buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Gloria Rivera owned at least one commercial property with 22 residential units in New York City with 16,334 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Alexander Freedman owned at least one commercial property with six residential units in New York City with 5,352 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 walkup property. It is located in Brooklyn.

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