Jacob Fulop pays $15.3M to Benchmark for 3 adjacent walkups in Carroll Gardens

Jacob Fulop paid $15.3 million to Benchmark Real Estate Group for three adjacent walkup buildings, 61, 62 and 65 3rd Place in Carroll Gardens, Brooklyn, that have a total of 24 residential units. The acquisition occurred in three transactions. The purchase was financed with a $12.75 million loan that S3 Capital provided. Benchmark bought the three buildings in 2016 for $12.7 million.

In the first, Jacob Fulop through the entity 65 Lofts LLC paid $5.3 million to Benchmark Real Estate Group through the entity 65 Third Place Realty Lp for the eight-unit residential walkup building (C1) at 65 3rd Place in Carroll Gardens, Brooklyn.
The deal closed on April 28, 2023 and was recorded on May 9, 2023. The property has 7,272 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $735 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 seller bought the property on August 3, 2016, for $4.7 million. The signatory for Benchmark Real Estate Group was Jordan Vogel. The signatory for Jacob Fulop was Jacob Fulop.

In the second, Jacob Fulop through the entity 63 Lofts LLC paid $5.1 million to Benchmark Real Estate Group through the entity 63 Third Place Realty Lp for the eight-unit residential walkup building (C1) at 63 3rd Place in Carroll Gardens, Brooklyn. The deal closed on April 28, 2023 and was recorded on May 9, 2023. The property has 7,272 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $699 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 seller bought the property on May 24, 2016, for $4 million. The signatory for Benchmark Real Estate Group was Jordan Vogel. The signatory for Jacob Fulop was Jacob Fulop.

In the third, Jacob Fulop through the entity 61 Lofts LLC paid $4.9 million to Benchmark Real Estate Group through the entity 61 Third Place Realty Lp for the eight-unit residential walkup building (C1) at 61 3rd Place in Carroll Gardens, Brooklyn. The deal closed on April 28, 2023 and was recorded on May 9, 2023. The property has 6,672 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $728 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 seller bought the property on May 24, 2016, for $4 million. The signatory for Benchmark Real Estate Group was Jordan Vogel. The signatory for Jacob Fulop was Jacob Fulop.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jacob Fulop purchased eight properties in eight transactions for a total of $47.7 million and sold seven properties in seven transactions for a total of $32.2 million over the past 24 months.
The seller Benchmark Real Estate Group purchased one property in one transactions for a total of $17 million and sold three properties in three transactions for a total of $45.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jordan Vogel, head officer and Aaron Feldman, officer. The business entities are Canvas Property Group and 65 Third Place. The 7,272-square-foot property generated revenue of $216,924 or $30 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 8 residential units in Carroll Gardens has 7,272 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,600 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. 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 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 four of the 12 commercial properties representing 21,910 square feet of the 64,767 square feet. The largest owner is Rosario Mineo, followed by Rita Mahler and then John Mcpherson.
There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 64,767 square feet of built space are walkup buildings, with mixed-use buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Benchmark Real Estate Group owned at least eight commercial properties with 300 residential units in New York City with 220,055 square feet and a city-determined market value of $82.9 million. (Market value is typically about 50% of actual value.) The portfolio has $117.2 million in debt, with top three lenders as Signature Bank, MetLife, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 80 percent of the 220,055 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 28 percent of the space.

The buyer

The PincusCo database currently indicates that Jacob Fulop owned at least 22 commercial properties with 182 residential units in New York City with 210,967 square feet and a city-determined market value of $36.2 million. (Market value is typically about 50% of actual value.) The portfolio has $95.3 million in debt, with top three lenders as Bank of Princeton, Bank Leumi, and Republic Bank respectively. Within the portfolio, the bulk, or 39 percent of the 210,967 square feet of built space are walkup properties, with elevator properties next occupying 26 percent of the space. The bulk, or 87 percent of the built space, is in Brooklyn, with Manhattan next at 13 percent of the space.

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