Verv Capital pays $5.3M for buildings in East Flatbush

UPDATED: Verv Capital through the entity 9102 Ave LLC paid $5.3 million to Tricia Bayley-Clarke through the entity Drt Center, Inc. for the specialty building at 9102 Church Avenue and a commercial building at 9112 Church Avenue, in East Flatbush, Brooklyn.

9102 Church Street sold for $4.3 million, while 9112 Church Street sold for $1 million.
The two deals closed on March 23, 2022 and were recorded on March 30, 2022. The larger property, 9102 Church Street has 20,568 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $209 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 Tricia Bayley-Clarke was Tricia Bayley-Clarke. The signatory for Verv Capital was Edward Cohen. Verv Capital is located at the same address as buyer LLC.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Verv Capital purchased one property in one transaction for a total of $12.7 million and has no record it sold any properties over the past 24 months.
The seller Tricia Bayley-Clarke had not purchased any other properties and had not sold any properties over the same time period.

The property

The 9102 Church Avenue parcel has frontage of 128 feet and is 100 feet deep with a total lot size of 12,801 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. 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 $5 million on this tax lot.

The neighborhood

In East Flatbush, the bulk, or 42 percent of the 78.9 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $177.2 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 million 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

There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 139,840 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Verv Capital owned at least one commercial property with 36,515 square feet and a city-determined market value of $6.3 million. (Market value is typically about 50% of actual value.) The portfolio has $11 million in debt, borrowed from SG Capital Partners. The portfolio consists of an office property. It is located in Queens.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 9102 Church Avenue that occurred over the past 24 months.

Correction: A prior version of this story only reported on the sale of the $4.3 million building, when in fact two buildings sold for a total of $5.3 million.

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