Meridian Properties sells lot in Bay Ridge for $6.4M, parcel has plans for 32-unit project

The entity 8101 Third Corp paid $6.4 million to Meridian Properties through the entity M&M Ridge Properties, LLC for the parking lot at 8101 3rd Avenue in Bay Ridge, Brooklyn. (321595626) Plans for a 32-unit, 21,862 square-foot R-2 were filed on October 30, 2019.

The deal closed on February 4, 2022 and was recorded on February 15, 2022.
The property has 0 square feet of built space and 21,866 square feet of additional air rights for a total buildable of 21,866 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $293 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 24, 2005, for $2.1 million.
The signatory for Meridian Properties was Michael Niamonitakis. The signatory for 8101 Third Corp was the attorney Salvatore F. Calcagno.
The seller Meridian Properties purchased 11 properties in nine transactions for a total of $79.6 million and had not sold any properties over the same time period.
In Bay Ridge, the bulk, or 36 percent of the 46.1 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 28 percent of the space. In sales, Bay Ridge has near average sales volume among other neighborhoods with $236.6 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 237,293 square feet of commercial and multi-family construction under development in the last two years, which represents 0.51 percent of the neighborhood’s built space.
On the tax block, the majority, or 55 percent of the 128,375 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 28 percent of the space.
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