Urban Waterfront Development pays $2.1M for 3-unit building in Bay Ridge

Urban Waterfront Development through the entity Urban Waterfront Development LLC paid $2.1 million to the entity Mommy 354 Holdings LLC for the three-unit building (C0) at 7001 Shore Road in Bay Ridge, Brooklyn.
The deal closed on October 11, 2023 and was recorded on October 26, 2023. The property has 2,224 square feet of built space and 2,653 square feet of additional air rights for a total buildable of 4,884 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $944 and the price per buildable square foot is $429 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 May 9, 2022, for $1.8 million. The signatory for Nadine Dandan was Jeffrey Goldstein. The contract date was August 8, 2023. Brandon Lau is founder and project director at Urban Waterfront Development LLC, according to a LinkedIn profile.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Urban Waterfront Development had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nadine Dandan had not purchased any other properties and had not sold any properties over the same time period.

The property

The building with 3 residential units in Bay Ridge has 2,224 square feet of built space and 2,653 square feet of additional air rights for a total buildable of 4,884 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,628 square feet. The lot is irregular. 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 $1.3 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 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 block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 102,240 square feet of the 104,064 square feet. The two identified owners are Reza Ghassabeh and Parkoff Organization.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 104,064 square feet of built space are walkup buildings, with elevator buildings next occupying 48 percent of the space.

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