60-unit Midwood elevator building trades for $12.5M

The entity Parkson Bldg LLC paid $12.5 million to David M. Akselrad through the entity Colony East Caga LLC for the 60-unit residential elevator building (D1) at 1685 East 5th Street in Midwood, Brooklyn.
The deal closed on October 27, 2022 and was recorded on November 1, 2022. The property has 55,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $227 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 David M. Akselrad was David M. Akselrad. The signatory for the buyer was Martin Riskin.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Martin Riskin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David M. Akselrad had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Akselrad, head officer and Claire Akselrad, officer. The business entity is Colony East 5th Realty Llc. The 55,000-square-foot property generated revenue of $872,649 or $16 per square foot, according to the most recent income and expense figures.

The property

The 1685 East 5th Street parcel has frontage of 146 feet and is 114 feet deep with a total lot size of 16,644 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 $3.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 172,366 square feet of the 372,265 square feet. The two identified owners are Carnegie Management and Charles Alpert.
There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 372,265 square feet of built space are elevator buildings, with retail buildings next occupying 1 percent of the space.

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