Mohamed Hassan pays $2M for mixed-use in Sunset Park, second purchase in 6 months

Mohamed A. Hassan through the entity 314 39th St LLC paid $2 million to Elies-Adrian Tapia through the entity Tapia, Elies – Adrian for three-unit mixed-use building (S3) at 314 39th Street in Sunset Park, Brooklyn. This was Hassan’s second purchase in six months, according to PincusCo information.
The deal closed on March 8, 2023 and was recorded on March 20, 2023. The property has 3,960 square feet of built space and 1,051 square feet of additional air rights for a total buildable of 5,008 square feet according to PincusCo analysis of city data. The sale price per built square foot is $505 and the price per buildable square foot is $399 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 Elies-Adrian Tapia was Elies-Adrian Tapia. The signatory for Mohamed A. Hassan was Mohamed A. Hassan.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mohamed A. Hassan purchased one property in one transaction for a total of $2.2 million and has no record it sold any properties over the past 24 months. The property was 860 4th Avenue in Greenwood Heights, Brooklyn.
The seller Elies-Adrian Tapia had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Elies Tapia, individual owner. The 3,960-square-foot property generated revenue of $90,526 or $23 per square foot, according to the most recent income and expense figures.

The property

The 314 39th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,504 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.3 million.

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 received $80 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 $5 million on this tax lot.

The neighborhood

In Sunset Park, the bulk, or 30 percent of the 33.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Sunset Park has 1.3 times the average sales volume among other neighborhoods with $433.1 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Sunset Park has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 877,834 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one 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 one of the 15 commercial properties representing 8,752 square feet of the 52,482 square feet. The identified owner is Stamatios Mamounas.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 52,482 square feet of built space are walkup buildings, with mixed-use buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Mohamed A. Hassan owned at least one commercial property in New York City with 4,033 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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