Neil Noto Acquires Bay Ridge Multifamily For $3.55M From Luigi LoBuglio

This multifamily property located at 9102 3rd Avenue in Bay Ridge has been sold in a recent transaction. The property is zoned as R6B, C1-3, and BR, and spans a total area of 6,480 square feet. The sale price for this property was $3,550,000, resulting in a price per square foot (PPSF) of $547. The building consists of 9 units, with each unit being sold at an average price of $394,444. The buyer, Neil Noto, acquired the property from the seller, Luigi LoBuglio. The lot size is 1,800 square feet, and the property benefits from a floor-area ratio (FAR) of 3.60. The previous sale of this property took place on July 18, 2012, with a sale price of $2,500,000. The property has also undergone an alteration type 2 permit on August 24, 2006.

Summary of transaction details:

• Property Type: Multifamily
• Sale Price: $3,550,000
• Building Size (BSF): 3,600
• Price per Building Square Foot (PPBSF): $986
• Total Square Footage (SF): 6,480
• Price per Square Foot (PPSF): $547
• Number of Units: 9
• Price per Unit (PPU): $394,444
• Tax Class: 2
• Lot Size: 1,800
• Last Sale Price: $2,500,000 (7/18/2012)
• Permits: Alteration type 2 (08/24/2006)

Neil Noto represented himself as the buyer in this deal, while Luigi LoBuglio represented himself as the seller. This transaction showcases the continuous demand for multifamily properties in the Bay Ridge market.