Moshe Khoshkheraman pays $5.1M for 9-unit walkup in Brooklyn Heights

Moshe Khoshkheraman through the entity 308 Hicks St LLC paid $5.1 million to Richard Talmadge through the entity 308 Hicks LLC for nine-unit residential walkup building (C1) at 308 Hicks Street in Brooklyn Heights, Brooklyn.
The deal closed on June 29, 2022 and was recorded on July 13, 2022. The property has 7,220 square feet of built space and 59 square feet of additional air rights for a total buildable of 7,265 square feet according to PincusCo analysis of city data. The sale price per built square foot is $706 and the price per buildable square foot is $701 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 seller bought the property on September 30, 2015, for $5.5 million. The signatory for Richard Talmadge was Richard Talmadge. The signatory for Moshe Khoshkheraman was Moshe Khoshkheraman.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Moshe Khoshkheraman purchased three properties in three transactions for a total of $14.2 million and has no record it sold any properties over the past 24 months.
The seller Richard Talmadge 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 Richard Talmadge, head officer and Renee Reinhold, agent. The business entity is 308 Hicks Llc.

The property

The 308 Hicks Street parcel has frontage of 23 feet and is 125 feet deep with a total lot size of 2,990 square feet. 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 $3.1 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 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 neighborhood

In Brooklyn Heights, the bulk, or 42 percent of the 18.9 million square feet of commercial built space are residential elevator buildings, with office buildings next occupying 16 percent of the space. In sales, Brooklyn Heights has had very little sales volume relative to other neighborhoods with $275.4 million in sales volume in the last two years. For development, Brooklyn Heights has had very little major development activity relative to other neighborhoods.It had 312,207 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 5,651 square feet of the 23,119 square feet. The two identified owners are 1 Willow Place, LLC and Steven Vince. There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 40,291 square feet of built space are walkup buildings, with residential walkup buildings next occupying 40 percent of the space.

The seller

The PincusCo database currently indicates that Richard Talmadge owned at least one commercial property in New York City with 7,220 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Moshe Khoshkheraman owned at least three commercial properties in New York City with 21,532 square feet and a city-determined market value of $5.3 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from Shapour Sohayegh. Within the portfolio, the bulk, or 85 percent of the 21,532 square feet of built space are walkup properties, with mixed-use properties next occupying 15 percent of the space. The bulk, or 85 percent of the built space, is in Manhattan, with Brooklyn next at 15 percent of the space.

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