Neue Urban pays $3.9M for 7-unit walkup in Fort Greene

Neue Urban through the entity 10 Clermont LLC paid $3.9 million to Oren Hakim through the entity 194 Utica LLC for the seven-unit residential walkup building (C7) at 10 Clermont Avenue in Fort Greene, Brooklyn.
The deal closed on July 31, 2023 and was recorded on August 9, 2023. The property has 5,240 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $734 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 April 21, 2015, for $3.4 million. The signatory for Oren Hakim was Rosemary Hayden. The signatory for Neue Urban was Zachary Ehrlich. The contract date was June 2, 2022. Oren Hakim bought the building in 2015 for $3.375 million.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Neue Urban purchased three properties in three transactions for a total of $14.7 million and has no record it sold any properties over the past 24 months.
The seller Oren Hakim purchased one property in one transactions= for a total of $1.3 million and sold six properties in six transactions for a total of $19.2 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Oren Hakim, head officer. The business entity is 194 Uticca Llc.

The property

The residential walkup building with 7 residential units in Fort Greene has 5,240 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 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 for the past 24 months. In addition, according to city public data, the property has received four DOB violations and $100 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 block

On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 24,240 square feet of the 78,384 square feet. The largest owner is Oren Hakim, followed by Mariam Farooq and then Jack Guttman.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 78,384 square feet of built space are office buildings, with walkup buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Oren Hakim owned at least 14 commercial properties with 87 residential units in New York City with 66,862 square feet and a city-determined market value of $11.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 95 percent of the 66,862 square feet of built space are walkup properties, with mixed-use properties next occupying 5 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Neue Urban owned at least three commercial properties with 22 residential units in New York City with 22,288 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) The portfolio has $5.7 million in debt, borrowed from Derby Copeland Capital. Within the portfolio, all identified are walkup properties. The bulk, or 62 percent of the built space, is in Brooklyn, with Manhattan next at 38 percent of the space.

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