Shark Tank star Barbara Corcoran sells mixed-use building in Fort Greene for $3.2M

GD Capital Group through the entity 65 Lafayette Avenue LLC paid $3.2 million to Barbara Corcoran and Melinda Magnett through the entity Barmel Holdings LLC for the three-unit mixed-use building at 65 Lafayette Avenue in Fort Greene, Brooklyn.
The deal closed on December 30, 2021 and was recorded on January 14, 2022.
The property has 3,200 square feet of built space and 3,200 square feet of additional air rights for a total buildable of 6,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,015 and the price per buildable square foot is $507 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 Barbara Corcoran and Melinda Magnett was Barbara Corcoran, the founder of the Corcoran Group and a star of the show Shark Tank. The signatory for GD Capital Group was Mark E. Guindi.
Prior to this transaction, the buyer GD Capital Group purchased one property in one transaction for a total of $2.1 million and had not sold any properties over the past 24 months.
The seller Barbara Corcoran had not purchased any other properties and had not sold any properties over the same time period.
The 3,200-square-foot property generated revenue of $118,432 or $37 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $139,250. One of the projects were to change the number of residential units from 0 to 2.
Barbara Corcoran is the founder of the Corcoran Group. The address of the LLC does not match the Corcoran Group. However, Melinda Magnett who worked for the Corcoran Group previously signed for a mortgage on the property after her retirement from the company. Barmel may be a combination of Barbara and Melinda. Mark E. Guindi is founder and CEO of GD Capital.
In Fort Greene, the majority, or 28 percent of the 17.9 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 22 percent of the space. In sales, Fort Greene has had very little sales volume relative to neighborhoods in the city with $221.3 million in sales volume in the last two years. For development, Fort Greene has 2.3 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 2.1 million square feet of commercial construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.
On the tax block, the majority, or 80 percent of the 750,600 square feet of built space are specialty buildings, with 1-4 family buildings next occupying 7 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Barbara Corcoran, head officer and Sugar Sanchez, site manager. The business entity was Barmel Holdings Llc.
Within a 400-foot radius of 65 Lafayette Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Juan Lopez borrowed $7.7 million from Fulton Lexington Classon Associates LLC secured by the 2,946-square-foot, three-unit mixed-use building (S2) on 703 Fulton Street and three other properties on April 7, 2020.

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