Maroni, Salamon pay $5M for 4-unit building in Carroll Gardens

Alexander Maroni and Bren Salamon through the entity 506 Henry LLC paid $5 million to National Realty Investment Advisors through the entity Henry Street Capital 506 Propco LLC for the four-unit building (C3) at 506 Henry Street in Carroll Gardens, Brooklyn. The expected use is cash flowing.
The deal closed on November 4, 2024 and was recorded on November 25, 2024. The property has 6,492 square feet of built space and 696 square feet of additional air rights for a total buildable of 7,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $770 and the price per buildable square foot is $694 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 May 11, 2018, for $4 million. The signatory for National Realty Investment Advisors was J. Richard Budd. The signatory for Alexander Maroni and Bren Salamon was Alexander Maroni and Bren Salamon. The contract date was July 3, 2024. National Realty Investment Advisors was a company that filed for bankruptcy and its two leaders, Nicholas Salzano, and Rey Grabato II, were charged with running a $658 million Ponzi scheme with 2,000 victims.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Alexander Maroni purchased two properties in two transactions for a total of $9 million and sold one property in one transaction for a total of $6.6 million over the past 24 months.
The seller National Realty Investment Advisors had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 4 residential units in Carroll Gardens has 6,492 square feet of built space and 696 square feet of additional air rights for a total buildable of 7,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 96 feet deep with a total lot size of 2,400 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 $1.1 million. The most recent loan totaled $5.5 million and was provided by Lendingone, LLC on December 30, 2020.

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 block

On this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 31,640 square feet of the 85,766 square feet. The largest owner is New York Police Department, followed by Steve Barranca and then Anthony Geraci.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 85,766 square feet of built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Bren Salamon owned at least three commercial properties with 10 residential units in New York City with 10,563 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 10,563 square feet of built space are mixed-use properties, with walkup properties next occupying 39 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Alexander Maroni owned at least two commercial properties with eight residential units in New York City with 7,863 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 7,863 square feet of built space are walkup properties, with mixed-use properties next occupying 48 percent of the space. They are all located in Brooklyn.

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