Salvatore Bullaro pays $4.5M to Dennis McCormack for mixed-use in Williamsburg

Salvatore Bullaro through the entity SCG Realty II, LLC paid $4.5 million to Dennis McCormack through the entity Grand Slam Brooklyn LLC for the four-unit mixed-use building (S4) at 278 Grand Street in Williamsburg, Brooklyn.
The deal closed on October 18, 2022 and was recorded on October 24, 2022. The property has 7,695 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $584 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 June 25, 2014, for $3.1 million. The signatory for Dennis McCormack was Dennis McCormack. The signatory for Salvatore Bullaro was Salvatore Bullaro.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Salvatore Bullaro had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dennis McCormack had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Dennis McCormack, head officer. The business entity is Grand Slam Brooklyn, Llc. The 7,695-square-foot property generated revenue of $175,908 or $23 per square foot, according to the most recent income and expense figures.

The property

The 278 Grand Street parcel has frontage of 25 feet and is 77 feet deep with a total lot size of 1,925 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421a exemption that started in 2013 and expires in 2028. The city-designated market value for the property in 2022 is $2.7 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 $1,200 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 6, 2015. 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 Williamsburg, the bulk, or 39 percent of the 50 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 7th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg is the 8th most active neighborhood among other neighborhoods. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 22 commercial properties representing 30,063 square feet of the 135,799 square feet. The largest owner is Toucan House LLC, followed by Firebird Grove and then Denis Eagle.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 135,799 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.

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