Salvatore Galofaro pays $3.8M for 11-unit walkup in Carroll Gardens

Salvatore Galofaro through the entity 111 4th Place Realty LLC paid $3.8 million to Philip Castagliola through the entity 4th Place LLC for the 11-unit residential walkup building (C1) at 111 4th Place in Carroll Gardens, Brooklyn.
The deal closed on April 16, 2024 and was recorded on April 19, 2024. The property has 8,284 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $453 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 24, 2010, for $2.4 million. The signatory for Philip Castagliola was Philip Castagliola. The signatory for Salvatore Galofaro was Salvatore Galofaro. The contract date was December 19, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Salvatore Galofaro had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Philip Castagliola had not purchased any other properties and sold one properties in one transactions for a total of $4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Philip Castagliola, head officer and Joanne Castagliola, officer. The business entity is 4th Place Llc.

The property

The residential walkup building with 11 residential units in Carroll Gardens has 8,284 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 100 feet deep with a total lot size of 2,875 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation 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 this tax block, PincusCo has identified the owners of one of the 14 commercial properties representing 8,300 square feet of the 63,124 square feet. The identified owner is Edward Lubin.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 63,124 square feet of built space are mixed-use buildings, with walkup buildings next occupying 43 percent of the space.

The buyer

The PincusCo database currently indicates that Salvatore Galofaro owned at least two commercial properties with 32 residential units in New York City with 27,880 square feet and a city-determined market value of $1.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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