Sharon Elkin pays $4.7M for retail in Gravesend

Sharon Elkin through the entity 422 Ave LLC paid $4.7 million to Nellie Bongiovanni through the entity Bellasca Realty Corp. for the retail building (K1) at 422-430 Avenue P in Gravesend, Brooklyn.
The deal closed on May 23, 2023 and was recorded on June 2, 2023. The property has 7,200 square feet of built space and 16,800 square feet of additional air rights for a total buildable of 24,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $652 and the price per buildable square foot is $195 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 Nellie Bongiovanni was Nellie Bongiovanni. The signatory for Sharon Elkin was Sharon Elkin.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sharon Elkin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nellie Bongiovanni had not purchased any other properties and had not sold any properties over the same time period. The 7,200-square-foot property generated revenue of $343,910 or $48 per square foot, according to the most recent income and expense figures.

The property

The retail building in Gravesend has 7,200 square feet of built space and 16,800 square feet of additional air rights for a total buildable of 24,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 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 neighborhood

In Gravesend, The bulk, or 40 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has near average sales volume among other neighborhoods with $381.2 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, Gravesend has had very little major development activity relative to other neighborhoods.It had 639,461 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing zero square feet of the 43,791 square feet. The identified owner is City of New York.
On the tax block, there was one new building construction project filed totaling 8,756 square feet. It is a 8,756 square-foot assembly (A-3) building submitted by Albert Esses with plans filed August 11, 2010 and permitted April 24, 2018.

The majority, or 38 percent of the 43,791 square feet of built space are walkup buildings, with mixed-use buildings next occupying 35 percent of the space.

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