Peak Capital pays $4.5M for 6-unit walkup in Carroll Gardens

Peak Capital Advisors through the entity 84 1st Place LLC paid $4.5 million to Anthony Musso and Phyllis Musso through the entity Musso, Anthony J for the six-unit residential walkup building (C2) at 84 1st Place in Carroll Gardens, Brooklyn. The expected use is cash flowing.
The deal closed on November 18, 2024 and was recorded on November 21, 2024. The property has 5,620 square feet of built space according to a PincusCo analysis of city data. The sale price per built 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 Anthony Musso and Phyllis Musso was Anthony Musso and Phyllis Musso. The signatory for Peak Capital Advisors was Alex Rabin and David Gomez. The contract date was June 11, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Peak Capital Advisors purchased 20 properties in 20 transactions for a total of $105.5 million and sold one property in one transaction for a total of $16.5 million over the past 24 months.
The seller Anthony Musso 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 Anthony Musso, joint owner and Phyliss Musso, joint owner.

The property

The residential walkup building with 6 residential units in Carroll Gardens has 5,620 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 100 feet deep with a total lot size of 1,792 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 $2.2 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 received $250 in ECB penalties 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 six of the 16 commercial properties representing 30,728 square feet of the 85,495 square feet. The largest owner is Jonathan Holman, followed by Anthony J. Musso Trustee and then Sarah Di Stefano Trustee.
On the tax block, there was one new building construction project filed totaling 10,974 square feet. It is a six-unit, 10,974 square-foot residential (R-2) building submitted by Robin Damaghi and filed by Robin Damaghi with plans filed July 12, 2023 and permitted February 21, 2024.

The majority, or 84 percent of the 85,495 square feet of built space are walkup buildings, with mixed-use buildings next occupying 9 percent of the space.

The buyer

The PincusCo database currently indicates that Peak Capital Advisors owned at least 51 commercial properties with 510 residential units in New York City with 429,950 square feet and a city-determined market value of $133 million. (Market value is typically about 50% of actual value.) The portfolio has $142.7 million in debt, with top three lenders as Amalgamated Bank, Prime Finance, and Derby Copeland Capital respectively. Within the portfolio, the bulk, or 79 percent of the 429,950 square feet of built space are walkup properties, with mixed-use properties next occupying 13 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Manhattan next at 33 percent of the space.

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