Phipps Houses pays $12M to Sgro family, Agostino Vona for 5 parcels in Cypress Hills
Phipps Houses paid $12 million to the Sgro family and Agostino Vona for five commercial parcels composing a development site in Cypress Hills in two separate transactions.
Phipps has a 403-unit affordable housing project across the street at 3301 Atlantic Avenue.
In the first, Phipps Houses through the entity Dinsmore Associates LLC paid $6 million to Sgro family and Agostino Vona through the entity Chestnut Blue Realty, LLC for industrial (E1) at 111 Dinsmore Place in Cypress Hills, Brooklyn, industrial (E1) at 99 Dinsmore Place in Cypress Hills, Brooklyn, and industrial (G7) at 248 Chestnut Street in Cypress Hills, Brooklyn.
The deal closed on September 30, 2021 and was recorded on October 13, 2021.
The three properties have 12,790 square feet of built space and 62,298 square feet of additional air rights for a total buildable of 75,092 square feet according to PincusCo analysis of city data. The sale price per built square foot is $469 and the price per buildable square foot is $79 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 Sgro family and Agostino Vona was Eileen T. Sgro and Agostino Vona. The signatory for Phipps Houses was Matthew Kelly.
Phipps Houses acquired the property through the fund, PH Affordable Housing Fund. Inc. Agostino Vona runs a bus company.
Direct link to Acris document. link
In the second, Phipps Houses through the entity Dinsmore Associates LLC paid $6.0 million to Sgro family and Agostino Vona through the entity Richmond Blue Realty, LLC for industrial (F1) at 239 Richmond Street in Cypress Hills, Brooklyn and industrial (F1) at 85 Dinsmore Place in Cypress Hills, Brooklyn.
The deal closed on September 30, 2021 and was recorded on October 13, 2021.
The two properties have 26,197 square feet of built space and 74,228 square feet of additional air rights for a total buildable of 100,320 square feet according to PincusCo analysis of city data. The sale price per built square foot is $229 and the price per buildable square foot is $59 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 Sgro family and Agostino Vona was Eileen T. Sgro and Agostino Vona. The signatory for Phipps Houses was Matthew Kelly.
Phipps Houses acquired the property through the fund, PH Affordable Housing Fund. Inc. Agostino Vona runs a bus company.
Within a 400-foot radius of 85 Dinsmore Place, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on March 27, 2020 for a 305,449-square-foot R-2 building with 275 residential units at 110 Dinsmore Place.
One of those two items was a loan which Mutual Housing Association of New York Management and MHANY Management borrowed $120 million from New York City Housing Development Corporation secured by the 276-unit rental (D6) on Atlantic Avenue on January 10, 2020.
Direct link to Acris document. link