Menachem Raskin pays $4.3M for mixed-use in Brooklyn Heights
Menachem Raskin through the entity 132 Montague St LLC paid $4.3 million to Roy Kirsh through the entity 132 Capulet Holdings, LLC for the six-unit mixed-use building (S9) at 132 Montague Street in Brooklyn Heights, Brooklyn.
The deal closed on May 18, 2023 and was recorded on May 31, 2023. The property has 7,526 square feet of built space and 1,074 square feet of additional air rights for a total buildable of 8,596 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $571 and the price per buildable square foot is $500 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 April 7, 2016, for $6.4 million. The signatory for Roy Kirsh was Roy Kirsh. The signatory for Menachem Raskin was Menachem Raskin.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Menachem Raskin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Roy Kirsh 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 Roy Kirsh, head officer and Fidel Rodriguez, site manager. The business entity is 132 Capulet Holdings, Llc.
The property
The mixed-use building with 6 residential units in Brooklyn Heights has 7,526 square feet of built space and 1,074 square feet of additional air rights for a total buildable of 8,596 square feet 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 2,499 square feet. The zoning is R7-1 which allows for up to 3.44 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 $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 three DOB violations and $930 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 neighborhood
In Brooklyn Heights, The bulk, or 26 percent of the 12 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has 1.6 times the average sales volume among other neighborhoods with $573.6 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Brooklyn Heights has had very little major development activity relative to other neighborhoods.It had 286,002 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 16 of the 20 commercial properties representing 126,865 square feet of the 166,939 square feet. The largest owner is Wilhelmina Parris Family Limited, followed by Tony Bates and then Russell Harkavy.
There are no active new building construction projects on this tax block.
The majority, or 39 percent of the 166,939 square feet of built space are mixed-use buildings, with walkup buildings next occupying 36 percent of the space.
The seller
The PincusCo database currently indicates that Roy Kirsh owned at least one commercial property with nine residential units in New York City with 7,569 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
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