Maroni, Salamon pay $4.9M for 5-unit walkup in Brooklyn Heights

Alexander Maroni and Bren Salamon through the entity 151 State LLC paid $4.9 million for the five-unit residential walkup building (C2) at 151 State Street in Brooklyn Heights, Brooklyn. The expected use is cash flowing.
The deal closed on September 12, 2024 and was recorded on September 24, 2024. The property has 4,100 square feet of built space and 1,170 square feet of additional air rights for a total buildable of 5,268 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,195 and the price per buildable square foot is $930 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 signatories for the sellers were Luke Massie and Miranda Massie. The signatories for the buyers was Alexander Maroni. The contract date was April 25, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Alexander Maroni purchased one property in one transaction for a total of $4.1 million and sold one property in one transaction for a total of $6.6 million over the past 24 months.
The seller Luke Massie 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 Miranda Massie, head officer and Luke Massie, officer. The business entity is Walter Kimball Massie Trust.

The property

The residential walkup building with 5 residential units in Brooklyn Heights has 4,100 square feet of built space and 1,170 square feet of additional air rights for a total buildable of 5,268 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 108 feet deep with a total lot size of 2,168 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $1.8 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 $600 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 seven of the 10 commercial properties representing 165,824 square feet of the 179,187 square feet. The largest owner is Rss Ubsbb2013-C6-Ny Mcs Llc, followed by Gabriel Nussbaum and then Jake Alexander Lang.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 179,187 square feet of built space are specialty buildings, with walkup buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Bren Salamon owned at least two commercial properties with five residential units in New York City with 6,463 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. They are all located in Brooklyn.
The PincusCo database currently indicates that Alexander Maroni owned at least one commercial property with three residential units in New York City with 3,763 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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