Nonprofit Make the Road pays $5.5M to Philip Joseph for buildings in Bushwick

The nonprofit Make the Road paid $5.5 million to Philip Joseph for two buildings in Bushwick in two separate transactions. The purchase was financed with a purchase money loan from Joseph to Make the Road totaling $4.5 million.

In the first transaction, Make the Road New York through the entity Make The Road New York paid $3.5 million to Philip Joseph through the entity 248 Menahan Street, LLC for six-unit mixed-use building at 248 Menahan Street in Bushwick, Brooklyn.
The deal closed on February 10, 2022 and was recorded on February 24, 2022.
The property has 10,420 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $335 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 Philip Joseph was Philip Joseph. The signatory for Make the Road New York was Arlenis Morel.
Prior to this transaction, the buyer Make the Road New York had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Philip Joseph had not purchased any other properties and had not sold any properties over the same time period.
(320369132)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 6 residential units on October 4, 2013.

Direct link to Acris document. link

In the second transaction, Make the Road New York through the entity Make The Road New York paid $2 million to Philip Joseph through the entity 301 Grove Street, LLC for six-unit mixed-use building at 301 Grove Street in Bushwick, Brooklyn.
The deal closed on February 10, 2022 and was recorded on February 24, 2022.
The property has 6,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $307 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 Philip Joseph was Philip Joseph. The signatory for Make the Road New York was Arlenis Morel.

The 6,500-square-foot property generated revenue of $125,515 or $19 per square foot, according to the most recent income and expense figures.

Direct link to Acris document. link