$19.5M condo plan with 16 units filed in Bed-Stuy

Yair Yaish as principal of 114 Lexington Condominiums LLC, submitted a plan to create 16 residential units in a building at 114 Lexington Avenue in Bedford-Stuyvesant, Brooklyn, called 114 Lexington Avenue Condominium that has a $19.5 million sellout, according to an September 19, 2022 submission to the New York State Attorney General.

Over the past five years, there have been five NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000,000. Those filings sought to increase the number of residential units by 19 to 19.

The 114 Lexington Avenue parcel has frontage of 45 feet and is 100 feet deep with a total lot size of 4,500 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $494,000. The most recent loan totaled $8.3 million and was provided by Quanta Finance on February 28, 2022.

The parcel in Bed Stuy has 4,500 square feet of built space and 9,000 square feet of additional air rights for a total buildable of 13,500 square feet according to PincusCo analysis of city data. The property is owned by Ariel Shalom.

According to city public data, the property has received $16,150 in ECB penalties and $17,400 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

On this tax block, PincusCo has identified the owners of 18 of the 28 commercial properties representing 145,410 square feet of the 168,166 square feet. The largest owner is Devora Kozlik, followed by All Year Management and then Derek Bupp. On the tax block, there was one new building construction project filed totaling 3,017 square feet. It is a two-unit, 3,017 square-foot R-3 building developed by Carl-Vivian Skleton-Selbo with plans filed March 27, 2019 and permitted August 10, 2022.

The PincusCo database currently indicates that Ariel Shalom owned at least two commercial properties in New York City with 4,500 square feet and a city-determined market value of $770,000. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 4,500 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

Within a 400-foot radius of 114 Lexington Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, two were loans above $5 million totaling $12 million. The most recent of the two was Moses Karpen which borrowed $6.4 million from Flushing Bank secured by the 15,117-square-foot, 11-unit rental (D1) on 387 Franklin Avenue and one other property on July 19, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.