Matthew Scherr pays $6.2M for Petco-occupied retail in Gravesend

Matthew Scherr through the entity Stillwell 86 Associates LLC paid $6.2 million to Eleanor Gatto’s Elgat LLC for the retail property at 2601 86th Street in Gravesend, Brooklyn.
The deal closed on March 28, 2024 and was recorded on April 12, 2024. The property has 10,266 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $599 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 Matthew Scherr was Matthew B. Sherr, who has an address in Miami.
Eleanor Gatto signed a lease with Matthew Sherr in June 2009 for an initial term of 10 years and renewal options giving the lease a total of 30 years, or until 2039.

The property

The parcel has a total lot size of 10,266 square feet. 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

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 three of the 25 commercial properties representing 12,441 square feet of the 115,416 square feet. The largest owner is Dekk Group, followed by Enza Macaluso and then Matteo Agrusa.
There are no active new building construction projects on this tax block.

The majority, or 87 percent of the 115,416 square feet of built space are mixed-use buildings, with retail buildings next occupying 11 percent of the space.

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