Minerva Development pays $5M for 3-unit in Brooklyn Heights

Omri Bar-Mashiah’s Minerva Development through the entity 117 State LLC paid $5 million for the three-unit building (C0) at 117 State Street in the historic district of Brooklyn Heights, Brooklyn.
The deal closed on October 29, 2024 and was recorded on November 12, 2024. The property has 4,168 square feet of built space and 2,158 square feet of additional air rights for a total buildable of 6,318 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,199 and the price per buildable square foot is $791 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 the seller was Jennifer M. Moore. The signatory for Minerva Development was Omri Bar-Mashiah. The contract date was April 30, 2024. Minerva Development recently purchased 350 6th Avenue and 75 8th Avenue.

The property

The building with three residential units in Brooklyn Heights has 4,168 square feet of built space and 2,158 square feet of additional air rights for a total buildable of 6,318 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 104 feet deep with a total lot size of 2,600 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 property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $6.8 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 not received any significant violations 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 nine of the 13 commercial properties representing 51,685 square feet of the 88,921 square feet. The largest owner is Kings Capital, followed by Eckstrom NYC and then Patricia Perlman.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 88,921 square feet of built space are walkup buildings, with specialty buildings next occupying 26 percent of the space.

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