Paul Basile pays $2.2M to Salvatore Scala family for specialty in Gowanus

Paul Basile through the entity Spb 12 Holdings LLC paid $2.2 million to Salvatore Scala estate through the entity Gowanus Greens LLC for the specialty building (Z9) at 121 12th Street in Gowanus, Brooklyn.
The deal closed on May 11, 2023 and was recorded on May 15, 2023. The property has zero square feet of built space and 12,132 square feet of additional air rights for a total buildable of 12,132 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $181 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 Salvatore Scala estate was Katherine Scala. The signatory for Paul Basile was Paul Basile. Paul Basile has been president of Gowanus Alliance.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Paul Basile had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Salvatore Scala estate had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,066 square feet. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $221,000.

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 neighborhood

In Gowanus, The bulk, or 46 percent of the 9.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has 1.2 times the average sales volume among other neighborhoods with $414.3 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, Gowanus is the 6th most active neighborhood among other neighborhoods. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 50 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 18 commercial properties representing 3,600 square feet of the 143,720 square feet. The identified owner is Rio Tomlin.
On the tax block, there were two new building construction projects totaling 12,875 square feet. The largest is a 8,910 square-foot mercantile (M) building submitted by Paul Basile with plans filed January 15, 2020 and it has not been permitted yet. The second largest is a 3,965 square-foot business (B) building submitted by Paul Basile with plans filed November 7, 2016 and it has not been permitted yet.

The majority, or 83 percent of the 143,720 square feet of built space are industrial buildings, with mixed-use buildings next occupying 17 percent of the space.

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