Jean-Claude Iacovelli pays $4.1M to Brooklyn Standard for 8-unit walkup in Prospect Heights

Jean-Claude Iacovelli through the entity 431 Broome LLC paid $4.1 million to Brooklyn Standard Properties through the entity 533 Bergen Street, LLC for the eight-unit residential walkup building (C1) at 533 Bergen Street in Prospect Heights, Brooklyn.
The deal closed on December 29, 2023 and was recorded on January 10, 2024. The property has 6,548 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $629 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 April 15, 2014, for $3.2 million. The signatory for Brooklyn Standard Properties was David Manheimer. The signatory for Jean-Claude Iacovelli was Jean-Claude Iacovelli. The contract date was September 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jean-Claude Iacovelli had not purchased any other properties and has a record he with partners sold 431 Broome Street for $14 million properties over the past 24 months.
The seller Brooklyn Standard Properties had not purchased any other properties and sold one property in one transaction for a total of $6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Manheimer, head officer and Romina Trieshi, agent. The business entities are Livingston Management Services and 533 Bergen Street Llc.

The property

The residential walkup building with 8 residential units in Prospect Heights has 6,548 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 110 feet deep with a total lot size of 2,970 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Prospect Heights Historic District. The city-designated market value for the property in 2022 is $3 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 one DOB violation and nine housing 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 seven of the 24 commercial properties representing 74,243 square feet of the 251,382 square feet. The largest owner is Nicholas Valentino, followed by Nicholas Kotsonis and then New York Police Department.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 251,382 square feet of built space are walkup buildings, with industrial buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Brooklyn Standard Properties owned at least 16 commercial properties with 201 residential units in New York City with 184,380 square feet and a city-determined market value of $25.2 million. (Market value is typically about 50% of actual value.) The portfolio has $20.7 million in debt, borrowed from New York Community Bank and Popular Bank. Within the portfolio, all identified are walkup properties. The bulk, or 81 percent of the built space, is in Bronx, with Manhattan next at 16 percent of the space.

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