Peak Capital Advisors pays $3.5M for 8-unit walkup in Cobble Hill

Peak Capital Advisors through the entity 154 Atlantic Owner LLC paid $3.5 million to Kevin W. Craig through the entity 154 Atlantic Properties LLC for eight-unit residential walkup building (C1) at 154 Atlantic Avenue in Cobble Hill, Brooklyn.
The deal closed on November 17, 2022 and was recorded on November 28, 2022. The property has 5,460 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $637 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 February 18, 2015, for $2.9 million. The signatory for Kevin W. Craig was Jonathan S. Feinsilver. The signatory for Peak Capital Advisors was Alex Rabin.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Peak Capital Advisors purchased 19 properties in 16 transactions for a total of $106 million and has no record it sold any properties over the past 24 months.
The seller Kevin W. Craig had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Kevin Craig, head officer and Yana Piontkoviskaya, shareholder. The business entity is 154 Atlantic Properties Llc.

The property

The 154 Atlantic Avenue parcel has frontage of 21 feet and is 80 feet deep with a total lot size of 1,733 square feet. The lot is irregular. 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 $2.1 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

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

On this tax block, PincusCo has identified the owners of two of the 19 commercial properties representing 12,750 square feet of the 114,307 square feet. The two identified owners are Frank Valvo Living Trust and Alchemy Ventures.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 99,107 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Peak Capital Advisors owned at least 20 commercial properties in New York City with 220,438 square feet and a city-determined market value of $54.1 million. (Market value is typically about 50% of actual value.) The portfolio has $82.2 million in debt, with top three lenders as Prime Finance Partners, Prime Finance, and Amalgamated Bank respectively. Within the portfolio, the bulk, or 94 percent of the 220,438 square feet of built space are walkup properties, with mixed-use properties next occupying 6 percent of the space. The bulk, or 39 percent of the built space, is in Brooklyn, with Queens next at 33 percent of the space.

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