Todd Rose pays $4.1M to Maria Aretakis for 7-uni walkup in Brooklyn Heights

Todd Rose through the entity 14 Schermerhorn LLC paid $4.1 million to Maria Aretakis through the entity Maria Aretakis, Trustee for seven-unit residential walkup building (C1) at 14 Schermerhorn Street in Brooklyn Heights, Brooklyn.
The deal closed on October 31, 2022 and was recorded on November 4, 2022. The property has 4,488 square feet of built space and 963 square feet of additional air rights for a total buildable of 5,443 square feet according to PincusCo analysis of city data. The sale price per built square foot is $913 and the price per buildable square foot is $753 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 Maria Aretakis was Maria Aretakis. The signatory for Todd Rose was Todd Rose.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Todd Rose purchased two properties in two transactions for a total of $6.2 million and has no record it sold any properties over the past 24 months.
The seller Maria Aretakis 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 Maria Aretakis, head officer. The business entity is Trust U/W/O Mary Kallas.

The property

The 14 Schermerhorn Street parcel has frontage of 26 feet and is 83 feet deep with a total lot size of 2,240 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $2.3 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 $75 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 11 commercial properties representing 20,920 square feet of the 183,462 square feet. The largest owner is Gabriel Nussbaum, followed by Mark Weinberger and then Ju Young Oh.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 183,462 square feet of built space are specialty buildings, with walkup buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Maria Aretakis owned at least one commercial property in New York City with 4,488 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Todd Rose owned at least five commercial properties in New York City with 30,216 square feet and a city-determined market value of $10.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 30,216 square feet of built space are walkup properties, with mixed-use properties next occupying 42 percent of the space. They are all located in Brooklyn.

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