Aaron Jungreis sells Bay Ridge walkup to Emad Hamdan for $2.9M

Emad Hamdan of 6914 Layem Realty LLC paid $2.9 million to Aaron Jungreis’s Macentico Realty LLC for the midblock 16-unit residential walkup building at 6914 6th Avenue in Bay Ridge, Brooklyn.
The deal closed on May 5, 2022 and was recorded on May 31, 2022. The property has 12,659 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $225 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 April 18, 2013, for $1.9 million.
Aaron Jungreis is the founder and CEO of Rosewood Realty Group. David Schechtman, a broker with Meridian Capital Group, was a signatory as a member of the seller entity when it obtained a loan on the property in 2013.

The PincusCo database currently indicates that Aaron Jungreis owned a stake in at least 34 commercial properties with 789,973 square feet and a city-determined market value of $88.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 789,973 square feet of built space are residential elevator properties, with residential walkup properties next occupying 33 percent of the space. The bulk, or 43 percent of the built space, is in Brooklyn, with Manhattan next at 37 percent of the space.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Aaron Jungreis, head officer and Eli Shmulo, site manager. The business entities are Little Leaf Property Management Llc and Macentico Realty Llc. The 12,659-square-foot property generated revenue of $256,535 or $20 per square foot, according to the most recent income and expense figures.

The property

The 6914 6th Avenue parcel has frontage of 45 feet and is 108 feet deep with a total lot size of 4,913 square feet. The zoning is R4-1 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $804,000.

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 received 54 housing violations and $50 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 $5 million on this tax lot.

The neighborhood

In Bay Ridge, the bulk, or 36 percent of the 46.1 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 28 percent of the space. In sales, Bay Ridge has near average sales volume among other neighborhoods with $236.6 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 237,293 square feet of commercial and multi-family construction under development in the last two years, which represents 0.51 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 26 commercial properties representing 130,859 square feet of the 308,820 square feet. The largest owner is Hussein Ismail, followed by Meridian Properties and then Aaron Jungreis. There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 352,140 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 20 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 6914 6th Avenue that occurred over the past 24 months.

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