ABJ Properties pays $3.8M to Atkins & Breskin for mixed-use in Alphabet City

ABJ Properties through the entity 32 Ave A Holdings LLC paid $3.8 million to Atkins & Breskin through the entity L & S Properties 1 LLC for three-unit mixed-use building (S3) at 32 Avenue A in Alphabet City, Manhattan.
The deal closed on March 9, 2023 and was recorded on March 17, 2023.The property has 4,708 square feet of built space and 1,972 square feet of additional air rights for a total buildable of 6,688 square feet according to PincusCo analysis of city data. The sale price per built square foot is $802 and the price per buildable square foot is $565 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 August 24, 2022, for $1.3 million. The signatory for Atkins & Breskin was Stephen Breskin. The signatory for ABJ Properties was Benjamin Soleimani.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer ABJ Properties purchased 18 properties in five transactions for a total of $37.5 million and has no record it sold any properties over the past 24 months.
The seller Atkins & Breskin purchased three properties in three transactions for a total of $7.7 million and sold 14 properties in seven transactions for a total of $34.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Stephen Breskin, head officer and Calynne Oyolokor, officer. The business entities are Firstservice Residential.Com and L & S Properties 1 Llc. The 4,708-square-foot property generated revenue of $238,131 or $51 per square foot, according to the most recent income and expense figures.

The property

The 32 Avenue A parcel has frontage of 22 feet and is 76 feet deep with a total lot size of 1,672 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $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 received $150 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 Alphabet City, the majority, or 56 percent of the 13 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 32 percent of the space. In sales, Alphabet City has near average sales volume among other neighborhoods with $302.9 million in sales volume in the last two years and is the 30th highest in Manhattan. For development, Alphabet City has had very little major development activity relative to other neighborhoods.It had 108,978 square feet of commercial and multi-family construction under development in the last two years, which represents 0.84 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 22 commercial properties representing 132,945 square feet of the 365,479 square feet. The largest owner is Sassouni Management, followed by Richard Podpirka and then Kushner Companies.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 362,982 square feet of built space are walkup buildings, with elevator buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Atkins & Breskin owned at least 13 commercial properties in New York City with 150,108 square feet and a city-determined market value of $40.7 million. (Market value is typically about 50% of actual value.) The portfolio has $19.2 million in debt, borrowed from New York Community Bank and Metropolitan Commercial Bank. Within the portfolio, the bulk, or 29 percent of the 150,108 square feet of built space are elevator properties, with walkup properties next occupying 22 percent of the space. The bulk, or 53 percent of the built space, is in Manhattan, with Brooklyn next at 40 percent of the space.

The buyer

The PincusCo database currently indicates that ABJ Properties owned at least 79 commercial properties in New York City with 899,035 square feet and a city-determined market value of $110.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 899,035 square feet of built space are walkup properties, with elevator properties next occupying 10 percent of the space. The bulk, or 49 percent of the built space, is in Bronx, with Manhattan next at 35 percent of the space.

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