Joseph Sorrentino pays $3.2M to Dino Tomassetti Jr. for 3 properties in East Flatbush

Joseph Sorrentino paid $3.2 million to Dino Tomassetti Jr. for three properties in East Flatbush, Brooklyn in two separate transactions that have a combined buildable square feet of 20,000, according to a PincusCo analysis of city data.

In the first, Joseph Sorrentino through the entity Foster Property Group LLC paid $1.6 million to Dino Tomassetti Jr. through the entity 5911 Foster Ave. LLC for specialty building (Z9) at 5911 Foster Avenue in East Flatbush, Brooklyn and specialty building (Z9) at 5903 Foster Avenue in East Flatbush, Brooklyn.
The deal closed on March 24, 2023 and was recorded on March 31, 2023. The two properties have 396 square feet of built space and 7,600 square feet of additional air rights for a total buildable of 8,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $4,040 and the price per buildable square foot is $200 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 Dino Tomassetti Jr. was Aaron Boyajian. The signatory for Joseph Sorrentino was Joseph R.Sorrentino.

In the second, Joseph Sorrentino through the entity Foster Property Group LLC paid $1.6 million to Dino Tomassetti Jr. through the entity Tomassetti, Dino Jr for specialty building (Z9) at 5901 Foster Avenue in East Flatbush, Brooklyn. The deal closed on March 24, 2023 and was recorded on March 31, 2023.The property has 1,600 square feet of built space and 10,440 square feet of additional air rights for a total buildable of 12,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,000 and the price per buildable square foot is $133 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 September 20, 2012, for $552,200. The signatory for Dino Tomassetti Jr. was Aaron Boyajian. The signatory for Joseph Sorrentino was Joseph R.Sorrentino.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 5903 Foster Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Joseph Sorrentino had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dino Tomassetti Jr. had not purchased any other properties and sold one properties in one transactions for a total of $133.3 million over the same time period.

The property

The 5903 Foster Avenue parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $187,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 $5 million on this tax lot.

The neighborhood

In East Flatbush, the bulk, or 32 percent of the 42.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $216.9 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On the tax block of 5903 Foster Avenue, PincusCo has identified the owners of six of the 100 commercial properties representing 115,800 square feet of the 597,007 square feet. The largest owner is Yosef Sternberg, followed by Solomon and Joseph Landau entities and then Lirr.
On the tax block, there were two new building construction projects totaling 36,386 square feet. The largest is a one-unit, 30,238-square-foot S-1 building developed by Simon Neil with plans filed February 24, 2017 and it has not been permitted yet.The second largest is a zero-unit, 6,148-square-foot A-2 building developed by Charles Rawlins with plans filed August 5, 2014 and it has not been permitted yet.

the majority, or 81 percent of the 445,730 square feet of built space are industrial buildings, with mixed-use buildings next occupying 10 percent of the space.

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