Jeffrey Homapour pays $2.6M for 4-family in Crown Heights

UPDATED 10:31 a.m., April 28, 2023: Jeffrey Homapour through the entity Crown Prospect, LLC paid $2.6 million to the estate of Eileen A. James and Rowan James for the four-unit building (C0) at 484 Prospect Place in Crown Heights, Brooklyn.
The deal closed on April 20, 2023 and was recorded on April 26, 2023. The property has 3,920 square feet of built space and 559 square feet of additional air rights for a total buildable of 4,478 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $676 and the price per buildable square foot is $591 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 Eileen A. James and Rowan James was Rowan James. The signatory for Jeffrey Homapour was Jeffrey Homapour. The contract date was February 4, 2021. Jeffrey Homapour is an attorney but in this LLC he is identified as a member.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jeffrey Homapour purchased one property in one transaction for a total of $3.5 million and sold one property in one transactions for a total of $2.7 million over the past 24 months.
The seller Eileen A. James 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 Eileen James, individual owner and Lincoln James, agent.

The property

The building with four residential units in Crown Heights has 3,920 square feet of built space and 559 square feet of additional air rights for a total buildable of 4,478 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 112 feet deep with a total lot size of 2,239 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 $2.8 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 25 of the 39 commercial properties representing 161,106 square feet of the 226,660 square feet. The largest owner is Shmuel Wallerstein, followed by Scott Kupferman and then All Year Management.
On the tax block, there was one new building construction project filed totaling 4,443 square feet. It is a two-unit, 4,443 square-foot assembly (A-2) building submitted by Karla Rothstein with plans filed March 21, 2014 and it has not been permitted yet.

The majority, or 81 percent of the 226,660 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Jeffrey Homapour owned at least three commercial properties with 19 residential units in New York City with 12,286 square feet. Within the portfolio, the bulk, or 65 percent of the 12,286 square feet of built space are walkup properties, with C3 properties next occupying 35 percent of the space. The bulk, or 67 percent of the built space, is in Brooklyn, with Manhattan next at 33 percent of the space.

Correction: A prior version of this post reported there were three units in the building, but in fact there are four units.

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