Magen Abraham Yeshiva pays $10.1M to John Torregrossa for mixed-use in Gravesend

Magen Abraham Yeshiva Inc. paid $10.1 million to John Torregrossa through the entity Andrew Torregrossa & Sons Inc. for corner mixed-use building at 345 Avenue U in Gravesend, Brooklyn.
The deal closed on March 31, 2022 and was recorded on April 12, 2022. The property has 15,960 square feet of built space and 20,040 square feet of additional air rights for a total buildable of 36,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $635 and the price per buildable square foot is $281 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 John Torregrossa was John Torregrossa.

Prior sales and revenue

The 15,960-square-foot property generated revenue of $417,035 or $26 per square foot, according to the most recent income and expense figures.

The property

The 345 Avenue U parcel has frontage of 120 feet and is 100 feet deep with a total lot size of 12,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. 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 $5 million on this tax lot.

The neighborhood

In Gravesend, the bulk, or 50 percent of the 45.7 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 23 percent of the space. In sales, Gravesend has had very little sales volume relative to other neighborhoods with $200.3 million in sales volume in the last two years. For development, Gravesend has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 24 commercial properties representing 7,069 square feet of the 183,696 square feet. The two identified owners are Sami Flaster and Jackson Group. There are 13 active new building construction projects totaling 76,523 square feet. The largest is a 10-unit, 19,231-square-foot R-2 building developed by Michael Armouth with plans filed December 16, 2016 and it has not been permitted yet. The second largest is a one-unit, 7,328-square-foot R-3 building developed by Isadore Pardo with plans filed November 22, 2021 and it has not been permitted yet.

the majority, or 68 percent of the 754,920 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 18 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 345 Avenue U that occurred over the past 24 months.

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