Mixed-use in Fort Greene sells for $3.4M

Di Huang and Yao Yue through the entity 104-106 South Oxford Street paid $3.4 million to Sharon A. Barnes through the entity James R Barnes And Sharon A Barnes Revocable Trust for the two-unit mixed-use building (S2) at 104-106 South Oxford Street in Fort Greene, Brooklyn.
The deal closed on August 17, 2023 and was recorded on September 5, 2023. The property has 3,187 square feet of built space and 3,978 square feet of additional air rights for a total buildable of 7,168 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,058 and the price per buildable square foot is $470 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 Sharon A. Barnes was Sharon A. Barnes. The signatory for Di Huang and Yao Yue was Di Huang and Yao Yue. The contract date was April 18, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Di Huang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sharon A. Barnes had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Fort Greene has 3,187 square feet of built space and 3,978 square feet of additional air rights for a total buildable of 7,168 square feet according to a PincusCo analysis of city data. The parcel has frontage of 33 feet and is 81 feet deep with a total lot size of 1,792 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.

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 neighborhood

In Fort Greene, The bulk, or 34 percent of the 12.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 23 percent of the space. In sales, Fort Greene has 1.7 times the average sales volume among other neighborhoods with $595.8 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Fort Greene has 2.2 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 17 commercial properties representing 16,549 square feet of the 50,703 square feet. The largest owner is William P. Farmer, followed by Paul Philippe and then Leonard Rutkowitz.
On the tax block, there was one new building construction project filed totaling 5,400 square feet. It is a six-unit, 5,400 square-foot residential (R-2) building submitted by Gardel Prudent with plans filed April 4, 2022 and it has not been permitted yet.

The majority, or 81 percent of the 50,703 square feet of built space are mixed-use buildings, with elevator buildings next occupying 19 percent of the space.

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