Marcel Fridman pays $2.5M for 5-unit walkup in South Slope

Marcel Fridman through the entity 17 Slope Bk LLC paid $2.5 million to John Scarpinito through the entity Calder 17 Corp for the five-unit residential walkup building (C2) at 347 17th Street in South Slope, Brooklyn.
The deal closed on May 15, 2023 and was recorded on May 19, 2023. The property has 6,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $376 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 March 20, 2009, for $469,000. The signatory for John Scarpinito was John Scarpinito. The signatory for Marcel Fridman was Marcel Fridman.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Marcel Fridman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John Scarpinito had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes John Scarpinito, head officer and Anne Holmquist, officer. The business entity is Calder 17 Corp. The 6,500-square-foot property generated revenue of $164,515 or $25 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 5 residential units in South Slope has 6,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,520 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 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

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 four of the 20 commercial properties representing 22,319 square feet of the 111,153 square feet. The largest owner is Simon Hecht, followed by S.W. Management and then Laura Hobgood.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 111,153 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that John Scarpinito owned at least one commercial property with 33 residential units in New York City with 32,928 square feet and a city-determined market value of $9.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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