MJ Property Group pays $2.4M for 15-unit walkup in Midwood

MJ Property Group through the entity Jbal 1431 LLC paid $2.4 million to Melissa Cardenuto through the entity Giuseppe And Joan Stracquadanio Trust for the 15-unit residential walkup building (C1) at 1431 East 2nd Street in Midwood, Brooklyn.
The deal closed on November 10, 2022 and was recorded on November 15, 2022. The property has 12,400 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $193 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 Melissa Cardenuto was Melissa Cardenuto. The signatory for MJ Property Group was Joseph Braha.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer MJ Property Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Melissa Cardenuto 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 Giuseppe Stracquadanio Trust, joint owner and Joan Stracquadanio Trust, joint owner. The 12,400-square-foot property generated revenue of $235,692 or $19 per square foot, according to the most recent income and expense figures.

The property

The 1431 East 2nd Street parcel has frontage of 40 feet and is 113 feet deep with a total lot size of 4,520 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $860,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 31,960 square feet of the 101,540 square feet. The two identified owners are Jusu and Petros Neamonitakis.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 101,540 square feet of built space are walkup buildings, with office buildings next occupying 12 percent of the space.

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