Nonprofits trade 5-unit walkup in Crown Heights for $3.8M

The nonprofit Bridge Street Development Corporation through the entity Bsdc 1216 Pacific Street Housing Dev Fund Corp paid $3.8 million to the nonprofit Neighborhood Restore through the entity Restoring Communities Housing Development Fund Co for the five-unit residential walkup building (C2) at 1216 Pacific Street in Crown Heights, Brooklyn. The expected use is cash flowing.
The deal closed on October 8, 2024 and was recorded on October 21, 2024. The property has 3,840 square feet of built space and 960 square feet of additional air rights for a total buildable of 4,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $999 and the price per buildable square foot is $799 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 Neighborhood Restore was Salvatore D’Avola. The signatory for Bridge Street Development Corporation was Gregory Anderson. The contract date was October 8, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bridge Street Development Corporation had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Neighborhood Restore had not purchased any other properties and sold six properties in six transactions for a total of $37.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Salvatore D’Avola, head officer and Gregory Anderson, site manager. The business entity is Restoring Communities Housing Development Fund Corp.

The property

The residential walkup building with 5 residential units in Crown Heights has 3,840 square feet of built space and 960 square feet of additional air rights for a total buildable of 4,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 100 feet deep with a total lot size of 1,600 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $739,000.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its renovation initial certificate of occupancy on February 24, 2023. 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 19 of the 27 commercial properties representing 248,373 square feet of the 301,231 square feet. The largest owner is Israel Weinberger, followed by Mark Scheiner and then Renaissance Realty Group.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 301,231 square feet of built space are walkup buildings, with elevator buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Neighborhood Restore owned at least 59 commercial properties with 1,349 residential units in New York City with 1,123,243 square feet and a city-determined market value of $88.1 million. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from NYC Housing Development Corporation. Within the portfolio, the bulk, or 79 percent of the 1,123,243 square feet of built space are walkup properties, with elevator properties next occupying 17 percent of the space. The bulk, or 78 percent of the built space, is in Bronx, with Manhattan next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Bridge Street Development Corporation owned at least 12 commercial properties with 151 residential units in New York City with 157,026 square feet and a city-determined market value of $17.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 157,026 square feet of built space are walkup properties, with elevator properties next occupying 32 percent of the space. They are all located in Brooklyn.

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