Urban View pays $10.2M to New Start Development for 30-unit rental in Clinton Hill

Urban View Development Group through the entity 1079 Fulton Street Group LLC paid $10.2 million to New Start Development through the entity Fulton Classon Condo, LLC for the 30-unit rental (D1) at 1071 Fulton Street in Clinton Hill, Brooklyn.
The deal closed on October 14, 2021 and was recorded on October 27, 2021.
The property has 21,632 square feet of built space and 8,416 square feet of additional air rights for a total buildable of 30,060 square feet according to PincusCo analysis of city data. The sale price per built square foot is $473 and the price per buildable square foot is $340 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 New Start Development was Alfred Thompson. The signatory for Urban View was Yehuda Cohen.
(301852895) Plans for a 30-unit, 0 square-foot J-2 were filed on January 26, 2005 and were permitted on July 19, 2005.
Alfred Thompson is principal of New Start Development.
The former owners according to the Department of Housing Preservation and Development includes Alfred Thompson, head officer and Laquasia Thomas, officer. The business entity is Family Project.

Within a 400-foot radius of 1071 Fulton Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $800,000.0 and one permit with a total initial cost of $1.0 million. The most recent of these two items was the permit on January 25, 2021 for a 33,035-square-foot R-2 building with 41 residential units at 1068 Fulton Street.
Of those five items, three were loans above $5 million totaling $44.5 million. The most recent of the three was Zalmen Wagschal which borrowed $22.5 million from Citibank secured by the 12,800-square-foot, nine-unit rental (C1) on 32 Claver Place and six other properties on August 26, 2021.

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