NY NeuroCare Medical pays $2.4M for office in Midland Beach

NY NeuroCare Medical Services through the entity Sapphire Jupiter, LLC paid $2.4 million to Michael Calabrese through the entity 2205 Hylan LLC for the office building (O8) at 2205 Hylan Boulevard in Midland Beach, Staten Island. The expected use is owner-occupied.
The deal closed on September 23, 2024 and was recorded on November 4, 2024. The property has 4,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $534 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 Michael Calabrese was Michael Calabrese. The signatory for NY NeuroCare Medical Services was Roger Shum. The contract date was March 26, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer NY NeuroCare Medical Services had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Calabrese had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building with 1 residential units in Midland Beach has 4,400 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 6,000 square feet. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $564,000.

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

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

There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 41,023 square feet of built space are retail buildings, with walkup buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Michael Calabrese owned at least three commercial properties with 27 residential units in New York City with 29,755 square feet and a city-determined market value of $5.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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