O’Connell Organization pays $4.3M for 3-family in Columbia Waterfront

O’Connell Organization through the entity Pier 41 Red Hook LLC paid $4.3 million for the three-unit building (C0) at 90 Kane Street in Columbia Waterfront, Brooklyn. The expected use is cash flowing.
The deal closed on April 28, 2025 and was recorded on May 1, 2025. The property has 3,108 square feet of built space and 2,213 square feet of additional air rights for a total buildable of 5,313 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,383 and the price per buildable square foot is $809 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 Jennifer Kanas was Jennifer Kanas. The signatory for O’Connell Organization was Rachel L. Albinder . The contract date was April 28, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer O’Connell Organization had purchased any other properties and sold one property in one transaction for a total of $3 million over the past 24 months.
The seller Jennifer Kanas had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 3 residential units in Columbia Waterfront has 3,108 square feet of built space and 2,213 square feet of additional air rights for a total buildable of 5,313 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 80 feet deep with a total lot size of 1,771 square feet. The lot is irregular. 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 $2.7 million.

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

On this tax block, PincusCo has identified the owners of seven of the 27 commercial properties representing 16,448 square feet of the 164,474 square feet. The two identified owners are O’Connell Organization and Ramzey Ahmad.
On the tax block, there was one new building construction project filed totaling 9,956 square feet. It is a 10-unit, 9,956 square-foot residential (R-2) building submitted by Hiu Cheung with plans filed May 29, 2019 and permitted February 14, 2024.

The majority, or 45 percent of the 164,474 square feet of built space are walkup buildings, with elevator buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that O’Connell Organization owned at least 40 commercial properties with 108 residential units in New York City with 910,001 square feet and a city-determined market value of $95.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 41 percent of the 910,001 square feet of built space are specialty properties, with industrial properties next occupying 28 percent of the space. They are all located in Brooklyn.

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