Minerva Development pays $4.7M for 3-family in Cobble Hill

Minerva Development through the entity 362 Clinton LLC paid $4.7 million for the three-unit (C0) at 362 Clinton Street in Cobble Hill, Brooklyn. The expected use is renovation and leasing.
The deal closed on August 18, 2025 and was recorded on August 27, 2025. The property has 3,800 square feet of built space and 2,275 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,223 and the price per buildable square foot is $765 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 Sean Longtemps and Kenneth Longtemps Jr. was Sean Longtemps and Kenneth Longtemps Jr.. The signatory for Minerva Development was Yevgeny Tsyngauz . The contract date was April 4, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Minerva Development purchased four properties in four transactions for a total of $13.7 million and has no record it sold any properties over the past 24 months.
The seller Sean Longtemps 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 Kenneth Longtemps, head officer and Elaine Longtemps, officer.

The property

The 1-4 family building with 3 residential units in Cobble Hill has 3,800 square feet of built space and 2,275 square feet of additional air rights for a total buildable of 6,075 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 2,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Cobble Hill Historic District. The city-designated market value for the property in 2022 is $7.7 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 $100 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 one of the two commercial properties representing 17,400 square feet of the 21,400 square feet. The identified owner is John Burke.
There are no active new building construction projects on this tax block.

All properties are walkup.

The buyer

The PincusCo database currently indicates that Minerva Development owned at least five commercial properties with 15 residential units in New York City with 14,720 square feet and a city-determined market value of $14.2 million. (Market value is typically about 50% of actual value.) The portfolio has $13.8 million in debt, borrowed from S3 Capital and SDB. Within the portfolio, the bulk, or 40 percent of the 14,720 square feet of built space are C3 properties, with C0 properties next occupying 28 percent of the space. They are all located in Brooklyn.

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