LTNG sells two-family in Boerum Hill for $5.6M

Two individuals paid $5.6 million to LTNG through the entity 153 Wyckoff Street Owner LLC for the two-unit building (B9) at 153 Wyckoff Street in Boerum Hill, Brooklyn.
The deal closed on August 25, 2023 and was recorded on September 6, 2023. The property has 3,168 square feet of built space and 840 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,767 and the price per buildable square foot is $1,400 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 13, 2020, for $1.7 million. The signatory for LTNG was Kassandra Tan. The signatories for the buyers, Evelyn Balassiano and Olivier De Moor, were Evelyn Balassiano and Olivier De Moor. The contract date was May 26, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Evelyn Balassiano had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller LTNG purchased two properties in two transactions for a total of $6 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Oded Ben-Nun, head officer and Asaf Ben-Nun, site manager. The business entity is 153 Wyckoff Street Owner Llc.

The property

The building with 2 residential units in Boerum Hill has 3,168 square feet of built space and 840 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 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 Boerum Hill Historic District. The city-designated market value for the property in 2022 is $3.4 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 received $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 4, 2023. 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 two of the seven commercial properties representing 6,580 square feet of the 6,580 square feet. The two identified owners are Rio Tomlin and Luis Caguana.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 6,580 square feet of built space are walkup buildings, with specialty buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Ltng owned at least three commercial properties with nine residential units in New York City with 6,400 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 6,400 square feet of built space are walkup properties, with C0 properties next occupying 39 percent of the space. They are all located in Brooklyn.

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