John Macropoulos pays $3M for mixed-use in Carroll Gardens

John Macropoulos through the entity Eism LLC paid $3 million to Anthony Pugliese through the entity Apx2 LLC for the two-unit mixed-use building (S2) at 341 Smith Street in Carroll Gardens, Brooklyn.
The deal closed on May 9, 2023 and was recorded on May 12, 2023. The property has 3,224 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $930 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 Anthony Pugliese was Anthony Pugliese. The signatory for John Macropoulos was John Macropoulos.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer John Macropoulos had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Anthony Pugliese had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Carroll Gardens has 3,224 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 75 feet deep with a total lot size of 1,481 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 Carroll Gardens Historic District. The city-designated market value for the property in 2022 is $2.5 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 neighborhood

In Carroll Gardens, The bulk, or 44 percent of the 3.6 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 33 percent of the space. In sales, Carroll Gardens has near average sales volume among other neighborhoods with $326.9 million in sales volume in the last two years and is the 25th highest in Brooklyn. For development, Carroll Gardens has had very little major development activity relative to other neighborhoods.It had 123,802 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the nine commercial properties representing 6,654 square feet of the 29,570 square feet. The two identified owners are Ira M. Sherman and Benjamin Zaken.
There are no active new building construction projects on this tax block.

All properties are mixed-use.

Direct link to Acris document. link