Nonprofit pays $5M for walkup in Bensonhurst, seller planned condos

The nonprofit HCS through the entity Human Care Services For Families And Children Inc. paid $5 million to Marianne Bertuna through the entity Madison Marianna Estates, LLC for the six-unit residential walkup building (C2) at 1770 to 1772 61st Street in Bensonhurst, Brooklyn.
The deal closed on April 27, 2023 and was recorded on May 1, 2023. The property has 7,609 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $657 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 Marianne Bertuna was Marianne Bertuna. The signatory for HCS was Aron Oberlander.
HCS in February 2023 submitted a plan to build a 97,000 square feet community facility in Borough Park.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer HCS had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Marianne Bertuna had not purchased any other properties and had not sold any properties over the same time period. The 7,609-square-foot property generated revenue of $230,505 or $30 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 6 residential units in Bensonhurst has 7,609 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 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 $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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 14, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by Madison Marianna Estates, LLC to create six residential units and 1 commercial units in a building at 1770 61 Street in Bensonhurst, Brooklyn, called 1770 61st Street Condominium that had a $5.7 million sellout, according to an September 1, 2022 submission to the New York State Attorney General. The principals of the sponsor, Madison Marianna Estates, LLC, were Gerald Bertuna and Tyrone Yorio.

The block

On this tax block, PincusCo has identified the owners of two of the 15 commercial properties representing 14,340 square feet of the 55,076 square feet. The two identified owners are Martin Friedman and Li Lan Wu.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 55,076 square feet of built space are mixed-use buildings, with walkup buildings next occupying 43 percent of the space.

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