5 Boro Real Estate Partners pays $3M for 8-unit walkup in Williamsburg

5 Boro Real Estate Partners through the entity 78 Jackson St Group LLC paid $3 million to Michael Israel through the entity 78 Realty Holdings LLC for the eight-unit residential walkup building (C1) at 78 Jackson Street in Williamsburg, Brooklyn.
The deal closed on June 14, 2024 and was recorded on July 10, 2024. The property has 5,848 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $520 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 December 31, 2014, for $2.3 million. The signatory for Michael Israel was Michael Israel. The signatory for 5 Boro Real Estate Partners was Moshik Regev. The contract date was June 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer 5 Boro Real Estate Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Israel had not purchased any other properties and sold two properties in two transactions for a total of $3.9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Michael Israel, head officer. The business entity is 78 Realty Holdings Llc.

The property

The residential walkup building with 8 residential units in Williamsburg has 5,848 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 100 feet deep with a total lot size of 2,850 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 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 $260 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project for a eight-unit, 5,848 square-foot R-2 building. The project was submitted by Isra Amrum with plans filed November 30, 2015 and permitted May 19, 2016.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 15,642 square feet of the 42,810 square feet. The largest owner is Michael Israel, followed by Feng Zhu Tang and then Bill Lika.
On the tax block, there was one new building construction project filed totaling 4,983 square feet. It is a seven-unit, 4,983 square-foot residential (R-2) building submitted by Leond Gelfand|Vladimir Kindo and filed by Lenny Gelfand with plans filed February 2, 2022 and permitted September 14, 2023.

The majority, or 59 percent of the 42,810 square feet of built space are walkup buildings, with mixed-use buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Michael Israel owned at least three commercial properties with 21 residential units in New York City with 17,152 square feet and a city-determined market value of $3.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

Direct link to Acris document. link