Z-A Studio pays $2.6M for 4-family in Clinton Hill

UPDATED: Z-A Studio through the entity Z-A 10 LLC paid $2.6 million to the entity 65 Gates Avenue LLC for the four-unit building (C3) at 65 Gates Avenue in Clinton Hill, Brooklyn.
The deal closed on May 17, 2024 and was recorded on June 10, 2024. The property has 4,057 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $631 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 June 4, 2015, for $2.2 million. The signatory for Z-A Studio was Gary Zucker. The contract date was January 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Z-A Studio had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller had not purchased any other properties and had not sold any properties over the same time period. The former business entity is 65 Gates Avenue Llc.

The property

The 1-4 family building with 4 residential units in Clinton Hill has 4,057 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 15 feet and is 80 feet deep with a total lot size of 1,246 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Clinton Hill Historic District. The property has a J-51 exemption that started in 1988 and expires in 2022. The city-designated market value for the property in 2022 is $1.6 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

For the tax lot building, it received its rehab initial certificate of occupancy on April 16, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by Z-A10 LLC to create 4 residential units in a building at 65 Gates Avenue in Clinton Hill, Brooklyn, called 65 Gates Avenue Condominiumthat has a $4.6 million sellout, according to an February 7, 2024 submission to the New York State Attorney General. The principal of the sponsor, Z-A10 LLC, was Guy Zucker.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 56,856 square feet of the 68,234 square feet. The identified owner is NYC Department Of Education.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 68,234 square feet of built space are specialty buildings, with walkup buildings next occupying 17 percent of the space.

UPDATED: with the removal of the names on non-real estate individuals.

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