Vadem Brodsky pays $7.7M for mixed-use in Brooklyn Heights

Vadem Brodsky through the entity Remsen Ventures LLC paid $7.7 million to the entity estate of Eugenia E. Fasano for the two-unit mixed-use building (S2) at 35 Remsen Street in Brooklyn Heights, Brooklyn.
The deal closed on November 14, 2023 and was recorded on November 27, 2023. The property has 8,330 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $924 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 the estate of Eugenia E. Fasano was Giselle Cahalan. The signatory for Vadem Brodsky was Vadem Brodsky. The contract date was June 14, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Vadem Brodsky had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eugenia E. Fasano had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Brooklyn Heights has 8,330 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 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 $10.6 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 neighborhood

In Brooklyn Heights, The bulk, or 26 percent of the 12 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has 1.8 times the average sales volume among other neighborhoods with $650.8 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Brooklyn Heights has had very little major development activity relative to other neighborhoods.It had 363,056 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. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 11 of the 14 commercial properties representing 130,085 square feet of the 144,540 square feet. The largest owner is Yuco Management, followed by Teresa Brzozowska and then Phyllis Devito.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 144,540 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Vadem Brodsky owned at least four commercial properties with 48 residential units in New York City with 40,235 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio has $29.9 million in debt, with top three lenders as Investors Bank, S3 Capital , and Lancewood Capital respectively. Within the portfolio, the bulk, or 100 percent of the 40,235 square feet of built space are elevator properties, with G7 properties next occupying 0 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link