James Shipp pays $4M to Millbrook, Rettner for residential walkup in Crown Heights
236 Montgomery Street (Credit - Google)
James Shipp through the entity 236 Montgomery Street LLC paid $4 million to Millbrook Properties and Rettner Realty through the entity Montgomery Realty LLC for the 24-unit residential walkup building (C7) at 236 Montgomery Street in Crown Heights, Brooklyn.
The deal closed on August 23, 2022 and was recorded on September 8, 2022. The property has 20,880 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $191 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 signatories for Millbrook Properties and Rettner Realty were Rubin Pikus and Ronald Rettner. The signatory for James Shipp was James Shipp.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer James Shipp had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Millbrook Properties 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 Rubin Pikus, head officer and Dario Lizama, site manager. The business entity is Montgomery Realty Llc. The 20,880-square-foot property generated revenue of $417,483 or $20 per square foot, according to the most recent income and expense figures.
The property
The 236 Montgomery Street parcel has frontage of 100 feet and is 58 feet deep with a total lot size of 5,800 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 2008 and expires in 2022. The city-designated market value for the property in 2022 is $1.3 million.
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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 22 housing violations, $200 in OATH penalties, and one housing litigation 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 block
On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 253,449 square feet of the 268,987 square feet. The largest owner is Dovie Sperlin, followed by Solomon Schwimmer and then Yitzchak Schwartz.
There are no active new building construction projects on this tax block.
the majority, or 54 percent of the 268,987 square feet of built space are elevator buildings, with walkup buildings next occupying 40 percent of the space.
Direct link to Acris document. link