Louisiana investor pays $7.3M for retail in Flatlands

The Louisiana entity Kasada, LLC by the signatory Rob Daigrepont Jr., paid $7.3 million to BHRAGS Home Care for the retail building (K1) at 2143 Flatbush Avenue in Flatlands, Brooklyn.
The deal closed on April 27, 2023 and was recorded on May 3, 2023. The property has 16,617 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $439 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 November 5, 2019, for $4.6 million. The signatory for BHRAGS Home Care was Roberto Samedy. The signatory for Rob Daigrepont Jr. was Rob Daigrepont Jr. BHRAGS is a home care company   Rob Daigrepont Jr. is the CEO of the buyer entity and he also is president of an accounting firm in Baton Rouge.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rob Daigrepont Jr. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller BHRAGS Home Care had not purchased any other properties and had not sold any properties over the same time period. The 16,617-square-foot property generated revenue of $426,951 or $26 per square foot, according to the most recent income and expense figures.

The property

The retail building in Flatlands has 16,617 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 242 feet and is 100 feet deep with a total lot size of 17,450 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4 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 Flatlands, The bulk, or 35 percent of the 6.3 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 19 percent of the space. In sales, Flatlands has had very little sales volume relative to other neighborhoods with $98 million in sales volume in the last two years. For development, Flatlands has had very little major development activity relative to other neighborhoods.It had 275,258 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 13 commercial properties representing 3,649 square feet of the 52,418 square feet. The identified owner is Janice Huey.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 52,418 square feet of built space are retail buildings, with specialty buildings next occupying 27 percent of the space.

Direct link to Acris document. link