Nicholas Balzano pays $3M for 24-unit walkup in Gravesend
Nicholas V. Balzano through the entity Niko Mgm Corp. paid $3 million to Dorotea Marcello for the 24-unit residential walkup building (C1) at 2233 81st Street in Gravesend, Brooklyn.
The deal closed on March 31, 2023 and was recorded on April 12, 2023. The property has 17,760 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $166 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 Dorotea Marcello was Dorotea Marcello. The signatory for Nicholas V. Balzano was Nicholas V. Balzano.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Nicholas V. Balzano had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dorotea Marcello 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 Dorotea Marcello, individual owner and Tomor Delija, site manager. The 17,760-square-foot property generated revenue of $204,698 or $12 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 24 residential units in Gravesend has 17,760 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 5,999 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 $589,000.
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 $300 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 two of the five commercial properties representing 35,320 square feet of the 119,880 square feet. The two identified owners are Ralph Stroffolino and Lilmor Management.
There are no active new building construction projects on this tax block.
The majority, or 65 percent of the 119,880 square feet of built space are walkup buildings, with elevator buildings next occupying 35 percent of the space.
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