James Grasso pays $5.8M for 5-unit walkup in Crown Heights
James Grasso through the entity 1240 Pacific Street LLC paid $5.8 million to Michelle Thomas, Leonard Thomas, and Alena M. Banks through the entity 1240 Pacific LLC for the five-unit residential walkup building (C2) at 1240 Pacific Street in Crown Heights, Brooklyn.
The deal closed on June 29, 2023 and was recorded on July 12, 2023. The property has 9,735 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $590 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 Michelle Thomas, Leonard Thomas, and Alena M. Banks was Michelle Thomas, Leonard Thomas, and Alena M. Banks. The signatory for James Grasso was James Grasso.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer James Grasso had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michelle Thomas 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 Leonard Thomas, head officer and Michelle Banks-Thomas, officer. The business entity is 1240 Pacific Llc. The 9,735-square-foot property generated revenue of $159,946 or $16 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 5 residential units in Crown Heights has 9,735 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 114 feet deep with a total lot size of 2,888 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 $1.7 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 18 of the 27 commercial properties representing 238,638 square feet of the 301,231 square feet. The largest owner is Yehuda Cohen, followed by Vehronna Smith and then Renaissance Realty Group.
There are no active new building construction projects on this tax block.
The majority, or 73 percent of the 301,231 square feet of built space are walkup buildings, with elevator buildings next occupying 20 percent of the space.
Direct link to Acris document. link