R.A. Cohen & Assoc. pays $11.5M to Pearsalls for 4 walkups in Brooklyn Heights

R.A. Cohen & Associates through the entity Cd Valentine Associates LLC paid $11.5 million to the Pearsall family through the entity Valentines Way Co for four building, 60 to 66 Clark Street in Brooklyn Heights, Brooklyn, including the 10-unit walkup (C1) at 60 Clark Street, the eight-unit walkup (C1) at 64 Clark Street, and the 10-unit walkup (C1) at 62 Clark Street. The expected use is cash flowing. The properties are in the Brooklyn Heights Historic District.
The deal closed on April 9, 2025 and was recorded on April 17, 2025. The four properties have 25,115 square feet of built space and 15,896 square feet of additional air rights for a total buildable of 40,987 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $457 and the price per buildable square foot is $280 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 Melissa Pearsall Hirsch and Nancy Pearsall was Melissa Pearsall Hirsch. The signatory for R.A. Cohen & Associates was Robert A. Cohen . The contract date was February 3, 2025. Nancy Pearsall was identified as president of the seller company in a 2007 filing and she bought the buildings on December 31, 1979.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer R.A. Cohen & Associates purchased two properties in two transactions for a total of $19.1 million and sold three properties in three transactions for a total of $20.4 million over the past 24 months.
The seller Melissa Pearsall Hirsch 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 Nancy Pearsall, head officer and Otis Pearsall, officer. The business entity is Valentine’s Way Company.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 the tax block of 60 Clark Street, PincusCo has identified the owners of 17 of the 20 commercial properties representing 203,302 square feet of the 218,878 square feet. The largest owner is Olshan Properties, followed by Nancy Pearsall and then Lynn Downing.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 218,878 square feet of built space are elevator buildings, with walkup buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Nancy Pearsall owned at least four commercial properties with 38 residential units in New York City with 25,115 square feet and a city-determined market value of $13.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that R.A. Cohen & Associates owned at least 11 commercial properties with 231 residential units in New York City with 195,360 square feet and a city-determined market value of $57.2 million. (Market value is typically about 50% of actual value.) The portfolio has $57.2 million in debt, with top three lenders as JPMorgan Chase, First National Bank of Long Island, and Dime Community Bank respectively. Within the portfolio, the bulk, or 67 percent of the 195,360 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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