Spyros Kokolis pays $1.7M for office building in Bay Ridge

Spyros Kokolis through the entity 7801 4th Ave Holding LLC paid $1.7 million to Jovin Lombardo through the entity 7801 4th Ave. LLC for the office building (O8) at 7801 4th Avenue in Bay Ridge, Brooklyn.
The deal closed on July 7, 2023 and was recorded on July 19, 2023. The property has 4,790 square feet of built space and 5,488 square feet of additional air rights for a total buildable of 10,290 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $354 and the price per buildable square foot is $165 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 Jovin Lombardo was Jovin C. Lombardo. The signatory for Spyros Kokolis was Olga Perez.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Spyros Kokolis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jovin Lombardo had not purchased any other properties and had not sold any properties over the same time period. The 4,790-square-foot property generated revenue of $174,596 or $36 per square foot, according to the most recent income and expense figures.

The property

The office building with one residential unit in Bay Ridge has 4,790 square feet of built space and 5,488 square feet of additional air rights for a total buildable of 10,290 square feet according to a PincusCo analysis of city data. The parcel has frontage of 36 feet and is 104 feet deep with a total lot size of 3,430 square feet. The lot is irregular. 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 $921,000.

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 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 $577.8 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 304,380 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

On this tax block, PincusCo has identified the owners of three of the 17 commercial properties representing 24,088 square feet of the 70,644 square feet. The largest owner is Salvatore Mannino, followed by Jovin Lombardo and then Ghassan Alrassi.
On the tax block, there were two new building construction projects totaling 3,178 square feet. The largest is a three-unit, 3,000 square-foot residential (R-2) building submitted by Abraham Fallah with plans filed May 14, 2018 and it has not been permitted yet. The second largest is a 178 square-foot storage (S-2) building submitted by Abe Fallah with plans filed January 11, 2021 and it has not been permitted yet.

The majority, or 62 percent of the 70,644 square feet of built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Jovin Lombardo owned at least one commercial property with one residential unit in New York City with 4,790 square feet and a city-determined market value of $921,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Brooklyn.

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