Rosanna Rizzo pays $3.4M for two office properties in Bay Ridge

Rosanna Rizzo through the entity 245-247 86 Street Estates, LLC paid $3.4 million to Katerina Nikiforou Papadakis through the entity 86 Street Estates, LLC for the office buildings (O8) at 245 and 247 86th Street in Bay Ridge, Brooklyn.
The deal closed on August 30, 2023 and was recorded on September 11, 2023. The two properties have 7,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $472 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 Katerina Nikiforou Papadakis was Katerina Nikiforou Papadakis. The signatory for Rosanna Rizzo was Rosanna Rizzo. The contract date was June 1, 2023.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 247 86th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rosanna Rizzo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Katerina Nikiforou Papadakis had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building with 1 residential units in Bay Ridge has 7,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 125 feet deep with a total lot size of 2,503 square feet. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $844,000.

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 neighborhood

In Bay Ridge, The bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has 1.6 times the average sales volume among other neighborhoods with $568.1 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 273,958 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

There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 134,252 square feet of built space are specialty buildings, with mixed-use buildings next occupying 32 percent of the space.

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