Salvatore Bullaro pays $4.5M for former Ink Property Group 4-unit rental in Boerum Hill

Salvatore Bullaro through the entity Scg Realty II, LLC paid $4.5 million to Avma Property Holdings through the entity Avma Property Holdings LLC for four-unit 1-4 family building (C3) at 342 Bergen Street in Boerum Hill, Brooklyn. Ink Property Group previously owned the property and transferred it at no in September 2022 to Avma Property Holdings which is at the same location.
The deal closed on November 3, 2022 and was recorded on November 7, 2022. The property has 5,300 square feet of built space and 2,200 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $839 and the price per buildable square foot is $593 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 November 21, 2016, for $2.5 million. The signatory for Avma Property Holdings was Stephen S. Siminou. The signatory for Salvatore Bullaro was Salvatore Bullaro. Eleven days after Ink Property Group signed a settlement with the New York State Attorney General, Ink transferred control in a zero dollar deed transfer of the property from INK 342 Bergen LLC to a new entity, Avma Property Holdings LLC. This is the only transfer between Ink and Avma recorded as of November 7, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Salvatore Bullaro purchased one property in one transaction for a total of $4.5 million.
The seller Ink Property Group purchased three properties in two transactions for a total of $7.3 million and sold one property in one transaction for a total of $3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Alex Kahen, head officer and Eden Ashourzadeh, officer. The business entity was Ink 342 Bergen Llc. The 5,300-square-foot property generated revenue of $158,099 or $30 per square foot, according to the most recent income and expense figures.

The property

The 342 Bergen Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $50 in OATH 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 block

On this tax block, PincusCo has identified the owners of five of the 22 commercial properties representing 38,068 square feet of the 196,607 square feet. The largest owner is Jonathan Holman, followed by Frank Picone and then Ernest Schemitsch.
On the tax block, there were two new building construction projects totaling 27,326 square feet. The largest is a 28-unit, 19,839-square-foot R-2 building developed by Posner Abraham with plans filed August 5, 2020 and permitted November 12, 2021. The second largest is a seven-unit, 7,487-square-foot R-2 building developed by Sharif Khwaja with plans filed June 8, 2018 and permitted July 25, 2019.

the majority, or 49 percent of the 196,607 square feet of built space are elevator buildings, with walkup buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Ink Property Group owned at least 11 commercial properties in New York City with 59,109 square feet and a city-determined market value of $15.5 million. (Market value is typically about 50% of actual value.) The portfolio has $7.6 million in debt, borrowed from Dime Community Bank. Within the portfolio, the bulk, or 35 percent of the 59,109 square feet of built space are mixed-use properties, with walkup properties next occupying 32 percent of the space. The bulk, or 69 percent of the built space, is in Brooklyn, with Queens next at 19 percent of the space.

The buyer

The PincusCo database currently indicates that Salvatore Bullaro owned at least one commercial property in New York City with 7,695 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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