NYU Law Foundation pays $5.2M for 2-family in Cobble Hill

The New York University School Of Law Foundation paid $5.2 million to Jonathan Shlafer and Samantha Roady for the two-family building (B1) at 453 Henry Street in Cobble Hill, Brooklyn.
The deal closed on January 13, 2023 and was recorded on January 24, 2023. The property has 2,610 square feet of built space and 1,402 square feet of additional air rights for a total buildable of 4,009 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,992 and the price per buildable square foot is $1,296 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 seller bought the property on May 21, 2015, for $2.6 million. The signatory for Jonathan Shlafer and Samantha Roady was Jonathan Shlafer and Samantha Roady.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer New York University purchased one properties in one transactions for a total of $122 million and has no record it sold any properties over the past 24 months.
The seller Jonathan Shlafer had not purchased any other properties and had not sold any properties over the same time period.

The property

The 453 Henry Street parcel has frontage of 15 feet and is 110 feet deep with a total lot size of 1,650 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Cobble Hill Historic District. The city-designated market value for the property in 2022 is $3.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

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

The majority, or 100 percent of the 23,008 square feet of built space are walkup buildings, with specialty buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that New York University owned at least 92 commercial properties in New York City with 12,039,759 square feet and a city-determined market value of $2.3 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 47 percent of the 12,039,759 square feet of built space are specialty properties, with hotel properties next occupying 41 percent of the space. The bulk, or 91 percent of the built space, is in Manhattan, with Brooklyn next at 9 percent of the space.

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