Mattone Investors pays $4M for retail in Bushwick

Mattone Investors through the entity 69-08 Eliot Ave LLC paid $4 million to Adam Tedesco through the entity 452 Wyckoff Corp. for the midblock retail building at 452 Wyckoff Avenue in Bushwick, Brooklyn.
The deal closed on March 25, 2022 and was recorded on April 8, 2022.

The property has 8,838 square feet of built space and 58,552 square feet of additional air rights for a total buildable of 67,432 square feet according to PincusCo analysis of city data. The sale price per built square foot is $455 and the price per buildable square foot is $59 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 Adam Tedesco was Wayne Mandel. The signatory for Mattone Investors was Michael X. Mattone. Adam Tedesco is president of the the entity that was sold.

Prior sales and revenue

The 8,838-square-foot property generated revenue of $267,192 or $30 per square foot, according to the most recent income and expense figures.

The property

The 452 Wyckoff Avenue parcel has frontage of 111 feet and is 167 feet deep with a total lot size of 27,750 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 city-designated market value for the property in 2022 is $1.2 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 received one DOB violation 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 Bushwick, the bulk, or 32 percent of the 51.4 million square feet of commercial built space are 1-4 family buildings, with residential walkup buildings next occupying 29 percent of the space. In sales, Bushwick has 3.3 times the average sales volume among other neighborhoods with $910.2 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.2 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Brooklyn. It had 1.1 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 seven commercial properties representing 11,868 square feet of the 131,841 square feet. The two identified owners are Danny Abrishamian and Jacob Hager. There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 139,541 square feet of built space are mixed-use buildings, with retail buildings next occupying 34 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 452 Wyckoff Avenue that occurred over the past 24 months.

Direct link to Acris document. link