Residential walkup sells for $4.8M in Brooklyn Heights

Terry-Ann Burrell through the entity Blue Cranberry LLC paid $4.8 million to Omer Gundogdu through the entity 66 Cranberry LLC for the midblock eight-unit residential walkup building at 66 Cranberry Street in Brooklyn Heights, Brooklyn.
The deal closed on March 17, 2022 and was recorded on April 5, 2022.

The property has 4,000 square feet of built space and 6,253 square feet of additional air rights for a total buildable of 10,244 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,195 and the price per buildable square foot is $466 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 March 20, 2014, for $2.8 million. The signatory for Omer Gundogdu was Scott Goldman. The signatory for Terry-Ann Burrell was Terry-Ann Burrell.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Terry-Ann Burrell had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Omer Gundogdu 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 Manny Malbari, head officer and Omer Gundogdu, officer. The business entity is 66 Cranberry Llc.

The property

The 66 Cranberry Street parcel has frontage of 29 feet and is 100 feet deep with a total lot size of 2,978 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $2.4 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $1,250 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 $5 million on this tax lot.

The neighborhood

In Brooklyn Heights, the bulk, or 38 percent of the 21.1 million square feet of commercial built space are residential elevator buildings, with office buildings next occupying 15 percent of the space. In sales, Brooklyn Heights has had very little sales volume relative to other neighborhoods with $228.8 million in sales volume in the last two years. For development, Brooklyn Heights has had very little major development activity relative to other neighborhoods.It had 261,202 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 112,780 square feet of the 124,392 square feet. The two identified owners are Sol Goldman Investments and Manny Malbari. There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 235,944 square feet of built space are residential elevator buildings, with specialty buildings next occupying 38 percent of the space.

Surrounding

Within a 400-foot radius of 66 Cranberry Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on September 28, 2020 for the $359,000 renovation of 3,590-square-foot R-3 building with one residential units at 50 Hicks Street.
Of those five items, two were sales above $5 million totaling $11 million. The most recent of the two was 177 Water Limited Partnership which bought the 9,156-square-foot, 10-unit rental (C1) on 68 Middagh Street for $5.3 million from Holco Realty on October 21, 2021.
Of those five items, two were loans above $5 million totaling $45.9 million. The most recent of the two was Greenbrook Partners which borrowed $31.1 million from Rialto Capital Management secured by the 5,940-square-foot, 20-unit rental (C1) on 75 Pineapple Street and nine other properties on January 26, 2021.

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