4-unit Crown Heights rental sells for $4M

The entity 717 Eastern Parkway LLC paid $4 million to Albert Benarroche for the four-unit building (C3) at 717 Eastern Parkway in Crown Heights, Brooklyn.
The deal closed on April 11, 2024 and was recorded on April 18, 2024. The property has 5,600 square feet of built space and 265 square feet of additional air rights for a total buildable of 5,861 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $710 and the price per buildable square foot is $678 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 Albert Benarroche was Albert Benarroche. The signatory for the buyer was an attorney, Stephen I. Feder. The contract date was December 18, 2023.

The buyer filed a summons April 8, 2024, in New York State Court seeking specific performance, meaning seeking to close on the purchase. An individual named Gabay Gideon is the process agent for the owner entity in Iowa.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that an individual by the name Gabay Gideon had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Albert Benarroche had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Albert Abraham, head officer. The business entity is Onstar Realty Llc.

The property

The 1-4 family building with 4 residential units in Crown Heights has 5,600 square feet of built space and 265 square feet of additional air rights for a total buildable of 5,861 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 120 feet deep with a total lot size of 2,412 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 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 received $3,125 in ECB penalties, two housing violations, and $3,125 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the nine commercial properties representing 186,913 square feet of the 212,900 square feet. The largest owner is Sam Malamud, followed by Meir Bukchin and then Jay Gold.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 212,900 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

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