Michael Neamonitakis pays $7.4M for 71-unit elevator building in Flatbush

Michael P. Neamonitakis through the entity Cra Fernhill LLC paid $7.4 million to Anna Stern through the entity 36 Crooke Avenue LLC for midblock 71-unit residential elevator building at 36 Crooke Avenue in Flatbush, Brooklyn.
The deal closed on February 28, 2022 and was recorded on March 16, 2022. The property has 51,582 square feet of built space and 786 square feet of additional air rights for a total buildable of 52,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $143 and the price per buildable square foot is $141 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 Anna Stern was Anna Stern. The signatory for Michael P. Neamonitakis was Michael P. Neamonitakis. Jerome Stern previously satisfied the mortgage for the property.

The former owners according to the Department of Housing Preservation and Development included David Stern, head officer and Anna Stern, officer. The business entity is 36 Crooke Ave Llc. The 51,582-square-foot property generated revenue of $694,699 or $13 per square foot, according to the most recent income and expense figures.

The property

The 36 Crooke Avenue parcel has frontage of 97 feet and is 125 feet deep with a total lot size of 13,100 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.4 million. The property has a city-determined energy rating of 53 out of 100.

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 three DOB violations and two housing violations 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 Flatbush, the bulk, or 47 percent of the 51.8 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 17 percent of the space. In sales, Flatbush has had very little sales volume relative to other neighborhoods with $208.8 million in sales volume in the last two years. For development, Flatbush has near average amount of major developments among other neighborhoods and is the 20th highest in Brooklyn. It had 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. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 29 commercial properties representing 247,185 square feet of the 385,398 square feet. The largest owner is Sam Farkas, followed by Meridian Properties and then Congregation and Gemach, Zichron Schlomo. There are no active new building construction projects on this tax block.

The majority, or 84 percent of the 467,901 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 16 percent of the space.

Surrounding

Within a 400-foot radius of 36 Crooke Avenue, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, eight were loans above $5 million totaling $108.5 million. The most recent of the eight was Meridian Properties which borrowed $22 million from Signature Bank secured by the 115,374-square-foot, 58-unit rental (D1) on 1745 Caton Avenue and one other property on February 15, 2022.

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