NYC School Construction Authority pays $14.7M for dev site in Borough Park

NYC School Construction Authority paid $14.7 million to Roman Catholic Church of St. Catherine of Alexandria for the development site at 4002 Fort Hamilton Parkway in Borough Park, Brooklyn.
The deal closed on January 13, 2022 and was recorded on January 24, 2022.
The property has 26,410 square feet of built space and 78,387 square feet of additional air rights for a total buildable of 104,660 square feet according to PincusCo analysis of city data. The sale price per built square foot is $556 and the price per buildable square foot is $140 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 Roman Catholic Church of St. Catherine of Alexandria was Rev. Jose Agustin Orellana. The signatory for NYC School Construction Authority was Nina Kubota.

(322006173)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 7, 2021.
In Borough Park, the bulk, or 46 percent of the 48.6 million square feet of built space are 1-4 family buildings, with specialty buildings next occupying 15 percent of the space. In sales, Borough Park has had very little sales volume relative to other neighborhoods with $140.2 million in sales volume in the last two years. For development, Borough Park has 1.3 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 66 percent of the 158,348 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 17 percent of the space.
Within a 400-foot radius of 4002 Fort Hamilton Parkway, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on March 27, 2020 for a 29,589-square-foot R-2 building with 25 residential units at 1054 41st Street.

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