John Rosatti pays $3.5M for office building in Midwood
John Rosatti through the entity 2746 Nostrand, LLC paid $3.5 million to Lonnie Peskin through the entity 2754 Nostrand Ave, LLC for two-unit office building at 2925 Avenue N in Midwood, Brooklyn. Rosatti, who heads Plaza Cars, paid $18 million to Jeff Sutton last year for a development site and then filed plans to build a dealership.
The deal closed on December 28, 2021 and was recorded on January 21, 2022.
The property has 3,200 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,093 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 Lonnie Peskin was Lonnie Peskin. The signatory for John Rosatti was John Rosatti.
The 3,200-square-foot property generated revenue of $84,620 or $26 per square foot, according to the most recent income and expense figures.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units. One of the projects were to change the number of residential units from 0 to 2 and were permitted on December 22, 2003.
In Midwood, the bulk, or 44 percent of the 44.6 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 34 percent of the space. In sales, Midwood has had very little sales volume relative to other neighborhoods with $141.4 million in sales volume in the last two years. For development, Midwood has had very little major development activity relative to other neighborhoods.It had 335,909 square feet of commercial and multi-family construction under development in the last two years, which represents 0.75 percent of the neighborhood’s built space.
On the tax block, the majority, or 38 percent of the 109,263 square feet of built space are 1-4 family buildings, with industrial buildings next occupying 34 percent of the space.
Within a 400-foot radius of 2925 Avenue N, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on January 30, 2020 for the $330,000 renovation of 6,600-square-foot B building with 0 residential units at 2917 Avenue N.
One of those three items was a sale which John A. Rosatti bought the industrial (G7) on 2924 Nostrand Avenue and one other property for $18 million from Jeff Sutton and Wharton Properties on September 28, 2021.
One of those three items was a loan which John A. Rosatti borrowed $14.4 million from Toyota Motor Credit Corporation secured by the 0-square-foot industrial (G7) on 2924 Nostrand Avenue and one other property on September 28, 2021.
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