Monarch Realty Holdings pays $5M for retail in Downtown Brooklyn

Monarch Realty Holdings through the entity 27 Smith Investors LLC paid $5 million to Paul Tocci through the entity 27 Smith Street Realty LLC for the retail building (O5) at 27 Smith Street in Downtown Brooklyn, Brooklyn.
The deal closed on September 25, 2025 and was recorded on September 30, 2025. The property has 9,283 square feet of built space and 13,754 square feet of additional air rights for a total buildable of 23,040 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $544 and the price per buildable square foot is $219 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 Paul Tocci was Paul Tocci. The signatory for Monarch Realty Holdings was Frank Shahery . The contract date was May 28, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Monarch Realty Holdings purchased one property in one transaction for a total of $3.1 million and sold seven properties in seven transactions for a total of $18.9 million over the past 24 months.
The seller Paul Tocci had not purchased any other properties and had not sold any properties over the same time period. The 9,283-square-foot property generated revenue of $404,924 or $44 per square foot, according to the most recent income and expense figures.

The property

The retail building in Downtown Brooklyn has 9,283 square feet of built space and 13,754 square feet of additional air rights for a total buildable of 23,040 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 89 feet deep with a total lot size of 2,304 square feet. The lot is irregular. The zoning is C5-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 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 $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 $1 million on this tax lot.

The neighborhood

In Downtown Brooklyn, The bulk, or 40 percent of the 22.4 million square feet of commercial built space are office buildings, with elevator buildings next occupying 24 percent of the space. In sales, Downtown Brooklyn has 1.4 times the average sales volume among other neighborhoods with $413.4 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Downtown Brooklyn has 1.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 82,492 square feet of the 107,926 square feet. The two identified owners are Sutton Management and Sol Goldman Investments.
There are no active new building construction projects on this tax block.

The majority, or 84 percent of the 107,926 square feet of built space are mixed-use buildings, with retail buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Monarch Realty Holdings owned at least 10 commercial properties with 206 residential units in New York City with 185,530 square feet and a city-determined market value of $33.3 million. (Market value is typically about 50% of actual value.) The portfolio has $53.9 million in debt, with top three lenders as Sterling National Bank, First National Bank of Long Island, and Webster Bank respectively. Within the portfolio, the bulk, or 48 percent of the 185,530 square feet of built space are walkup properties, with elevator properties next occupying 31 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.

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