5-unit walkup in Prospect Lefferts Gardens sells for $2.2M

Mao Harnaga and Torsten Suel paid $2.2 million to Alexander Kaushansky through the entity Mowgli 362 Parkside Avenue LLC for the five-unit residential walkup building (C2) at 362 Parkside Avenue in Prospect Lefferts Gardens, Brooklyn.
The deal closed on April 20, 2023 and was recorded on April 28, 2023. The property has 4,000 square feet of built space and 1,923 square feet of additional air rights for a total buildable of 5,917 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $543 and the price per buildable square foot is $367 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 September 13, 2016, for $1.9 million. The signatory for Alexander Kaushansky was Irina Saks. The signatory for Mao Erica Harnaga and Torsten Suel was Mao Erica Harnaga and Torsten Suel. Irina Saks is an attorney,

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mao Erica Harnaga had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alexander Kaushansky had not purchased any other properties and sold one property in one transaction for a total of $2.1 million over the same time period. The 4,000-square-foot property generated revenue of $88,400 or $22 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 5 residential units in Prospect Lefferts Gardens has 4,000 square feet of built space and 1,923 square feet of additional air rights for a total buildable of 5,917 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 121 feet deep with a total lot size of 2,435 square feet. The lot is irregular. 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 $936,000.

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 $300 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 three of the 22 commercial properties representing 155,966 square feet of the 331,204 square feet. The largest owner is Sam Farkas, followed by Pinnacle Group and then Jacob Hager.
On the tax block, there were three new building construction projects totaling 47,811 square feet. The largest is a 44-unit, 32,417 square-foot residential (R-2) building submitted by Ran Oron with plans filed February 4, 2016 and permitted May 24, 2018. The second largest is a 11-unit, 8,156 square-foot residential (R-2) building submitted by David Shavolian with plans filed December 11, 2015 and it has not been permitted yet.

The majority, or 51 percent of the 331,204 square feet of built space are walkup buildings, with elevator buildings next occupying 35 percent of the space.

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